Repsol YPF

PDF Version (52 Kb) 19 December 2007, 15:19 CET

In addition to the 5% sold to Deutsche Bank several days ago for the same amount

Today, Repsol YPF signed a sell agreement with Deutsche Bank for the second share stake of 5% of CLH (Compañía Logistica de Hidrocarburos) for an amount of 176.5 million euros.  This transaction was completed days after the same financial firm purchased an identical stake for the same amount.  The capital gain for both transactions, estimated by Repsol YPF, reaches 298 million euros before taxes.

In this last transaction, Deutsche Bank manifested that it has acted by virtue of a mandate of two international investment funds PSPEUR S.à.r.l. (subsidiary of Public Sector Pension Investment Board) and Alberta Investment Management (through the Lux European Holdings S.à.r.l.).
 
Following the close of this sales process, inscribed in the strategy of gradual divestitures of non strategic assets, Repsol YPF considers its 15% stake in CLH as optimal.  At the same time, it reaffirmed its support for the management and strategy of the company and its intention in remaining the first Spanish industrial stakeholder and the first client of the logistics company.

CLH is the Spanish logistics leader in transport and storage of petroleum products, providing its services to the petroleum operators in the Spanish market.  It has one of the largest and most efficient hydrocarbon logistics network, with close to 3,500 kilometres of pipeline, 38 storage installations with a capacity of 6 million cubic meters and 28 airport facilities with a capacity of 144,000 cubic meters.  In 2006, the company had total operating revenues of 550.6 million euros and net income of 352.7 million euros.

Last updated: 19 Dec 2007