The Russian giant Gazprom "studying" the acquisition of 20% of Spanish oil group Repsol YPF held by the Spanish construction group Sacyr Vallehermoso, said Wednesday in Madrid vice-Russian Prime Minister Alexander Zhukov.
"Gazprom is considering the possibility to purchase 20% of Repsol, which were sold by Sacyr," Zhukov said during a visit to Madrid.
Sacyr Vallehermoso has repeatedly in recent months that it was considering selling its 20.01% share in Repsol YPF. The Spanish media had reported late September that the French group Total and Anglo-Dutch Shell were interested in the participation of 20%.
In addition to this share 12.7% of oil held by the Spanish savings bank La Caixa, which would entail an obligation for any buyer to launch a takeover bid (OPA). Spanish law requires a buyer to effect beyond the threshold of 30% of the capital to launch a takeover bid for the whole of society, except to obtain an exemption. But according to the newspaper L'Expansion, student groups can also ensure a minority of control without exceeding that threshold.
In late September, the newspaper reported that among the other shareholders of Repsol are many financial entities, such as Barclays Bank, insurers Axa and Mutua Madrileña, who are interested in selling their part to generate liquidity during this period of financial crisis that liquidity melt like snow in the sun.
In any event, the Sacyr has jumped the Madrid Stock Exchange after the announcement by Russia, taking 6.42% to 7.63 euros to 15H20 GMT, while Repsol YPF gained 0.28% to 14.26 euros in a market decline of 1.94%.
However, remember that last July, the British subsidiary Gazprom Marketing & Trading, and the Spanish company Gas Natural SDG ((main structure of the Spanish group Gas Natural for gas deliveries to Spain) concluded an agreement on deliveries of liquefied natural gas (LNG) to Spain.
According to the Russian press, it would establish a system of gas supplies purchased in countries such as Libya and Azerbaijan. One goal is to circumvent the protection systems previously deployed by Spain successfully in order to "guard" of his arrival on the market Russian gas giant, particularly fearing Madrid an agreement between Gazprom and Algerian Sonatrach on prices.
"For us, this is an interesting possibility to expand our sales activity LNG before the project Chtokman in April 2013, had then indicated Barnaud Frederick, director of GM & T in charge of LNG. It is expected that gas Chtokman be transported by pipelines and oil to the United States and the EU.
Previously, Gazprom could enter the Spanish market considering the legislation. Amendments to the Law on the gas produced in early 2007 in fact prohibit access to that market to countries that are not members of the European Union. The text states that Spain has the right to deny public companies the right to work on its domestic market, if they represent a state where legal conditions were not similar in place and if the party believes that Spanish this may go against the principles of reciprocity. " This is primarily Russia and Algeria. This law was approved in first reading in 2007.
In spring 2007, signing a memorandum Gazprom-Sonatrach had provoked strong protests from the Spanish government. Which had worked in response to either denounced the agreement between the British subsidiary of Gazprom and Gas Natural SDG can be seen as a "consideration" to give the Russian gas giant a real chance to access the Spanish market.
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