By OGJ editors
HOUSTON, Mar. 15 -- Repsol has agreed to sell 3.83% of YPF in a move that will trim its stake in the Argentine producer, refiner-marketer, and chemical manufacturer to 75.9%.
The Spanish company will sell 2.9% of YPF to Lazard Asset Management for clients at a share price of $42.40/share, which makes the transaction worth $484 million.
Repsol also will sell 0.93% to other investors at the same share price in a deal worth $155 million.
Last year, Repsol agreed to sell 3.3% of YPF for $500 million to funds managed by Eton Park Capital Management, Capital Guardian Trust Co., and Capital International Inc.
In recent months it also has sold YPF shares totaling 1.06% of the company on stock markets.
The company says the sales fit a “strategic aim to rebalance its global assets strategy.”
Besides Repsol’s stake after the new sales, interests will be Peterson Group 15.46%, and 8.64% free float.
YPF has reserves estimated at 1.025 billion boe, 53% crude and gas liquids, from which it produced 550,000 boe/d in the first half of last year.
It operates refineries at La Plata (crude capacity 189,000 b/cd), Lujan de Cuyo (105,500 b/cd), and Plaza Huincul (25,000 b/cd).