Spanish oil and gas firm Repsol (REPYY.PK) has sold its treasury shares, totaling 5% of the company's stock, to Singapore's Temasek for 1.04 billion euros. Together with existing shareholdings in Repsol, Temasek currently owns 6.3% of Repsol's shares. The agreement includes the purchase of 64.7 million Repsol shares from the company's treasury stock, at 16.01 euros per share, representing a 1.036 billion euro payment to Repsol.
According to Repsol, this deal is the largest Singaporean investment in Spain and is a reflection of the confidence that international investors have in Repsol's growth strategy and its attractiveness as an investment.
With this deal, Repsol fulfills its aim of selling its treasury stock, acquired in December of 2011 from Sacyr Vallehermoso's lenders. Overall, this agreement would have a 148 million euros negative impact on reserves.
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