TheChek News Flow

Cepsa, the Spanish oil group, is seeking a EUR 2bn - EUR 4bn acquisition target, Expansion reported without citing sources. Owner the Abu Dhabi sovereign fund IPIC plans in total EUR 10bn investments until 2019 for growth.

Cepsa currently has a book value above EUR 9bn and wants to reach more than EUR 18bn, the Spanish-language report said. Target regions include Latin America, Africa and Asia.

All options would be considered, including supply contracts from Iran, the paper went on to say. Cepsa will focus its business in areas where it has a large market share, such as making oil components. The company is divesting in plastics manufacturing assets, Expansion added.

Expansion