Repsol shareholder Pemex could sell shares during summer, autumn
Repsol shareholder Pemex, the Mexican group, has several financial mechanisms to sell shares in the Spanish oil company that could be executed during the summer and autumn, Expansion reported, citing financial sources.
Pemex holds 9.3% of Repsol, and for the past few years, it has covered its stake in equity swaps and other financial derivatives and exchange systems. Although Pemex maintains voting and economic rights in Repsol, it no longer holds the stock, according to the Spanish-language report.
These financial mechanisms, renewed each year, come up for renewal between August and October, the report said citing several Pemex reports to US regulator SEC, the last of which was filed last week.
As of 31 December 2013, Pemex held 67.96m Repsol shares through three equity swaps that expire this year. Pemex also holds another 53.7m shares of Repsol covered by different derivatives, the last of which ends in August, Expansion said.
One of Pemex's advisers on its Repsol stake is Credit Agricole, the report added.
Source Expansion