Repsol shareholder CaixaBank prepares to sell 2.5% stake
CaixaBank is preparing to sell 2.5% of its holding in the listed Spanish oil group Repsol, Expansion reported, citing a memorandum from the Spanish bank. It has taken financial measures to protect itself from the volality of oil stock prices.
According to its own data, La Caixa (parent of Caixabank) owned 11.89% of Repsol as of December 2014, the Spanish-language report said. La Caixa gives the stake a book value of EUR 3.413bn, but at market prices the stake is worth less than EUR 2.8bn, the report noted.
Expansion