The parties expect that Unión Fenosa, S.A. will also sell its 5% stake to IPIC on the same terms.
With such acquisitions, IPIC would own approximately 47% of Cepsa, becoming the second largest shareholder of Cepsa, after Total.
Closing of the transaction is subject to a number of conditions precedent, including obtaining required regulatory approvals and financing for the transaction.
Khadem al Qubaisi, IPIC’s Managing Director, said”
“IPIC is delighted to increase its participation in Cepsa, an important company in the Iberian energy sector. Following completion of these acquisitions, IPIC will endeavor to play an active and constructive role in Cepsa’s development.”
Alfredo Saenz, Santander’s Chief Executive Officer, said: “The holding in Cepsa was the last of a series of industrial stakes Banco Santander has sold in recent years in order to focus exclusively on its core retail and commercial banking activities.”
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