SPAIN TO CUT REPSOL STAKE BELOW 50%
Spain's government plans to reduce its stake in semipublic petroleum company Repsol SA. The government decided to sell 80 billion pesetas ($800 million) worth of shares to the public, reducing its Repsol interest to 51-55%. Madrid plans a second offering in the fall, aimed at foreign investors, of another 5% of state holdings in Repsol. Although the state's interests in Repsol would drop below a majority, it still would have the largest single holding and thus retain effective control.