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Montevideo, July 14th 2024 - 07:36 UTC

 

 

Mexico Pemex buys Repsol shares, becomes third largest stock holder

Tuesday, July 26th 2011 - 08:06 UTC
Full article
The Mexican oil giant now holds 5% of Spain’s largest hydrocarbons corporation The Mexican oil giant now holds 5% of Spain’s largest hydrocarbons corporation

Mexico's state oil monopoly Pemex said on Monday it recently bought 825,150 shares in Repsol YPF, increasing its stake in the Spanish company to 5%. The stock purchase took place on July 13, Pemex's finance department said, without giving details of the cost of the deal.

“Pemex, through its subsidiary P.M.I. Holding B.V. on July 13, 2011 bought 825,150 shares in Repsol YPF, seeking to consolidate its position in this company consistent with the tax advantages available on reaching a 5% position in Spanish companies,” it said.

The purchase has an estimated value of 18.6 million Euros on Friday’s market closing when Repsol shares were up 1.96% to 22.57 Euros.

Last October Pemex renewed equity swaps with the Spanish bank BBVA through which it holds 3% of Repsol stock

Pemex [PEMX.UL] is the largest state-owned company in Mexico and its revenues cover about one-third of the government's budget.

Pemex is the third largest stock holder of Repsoil behind Sacyr, with 20% and Criteria with 12.9%.
 

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