Repsol stocks gain after shareholder Sacyr signs pact with Mexico’s Pemex

City A.M. Reporter
SHARES in Spanish oil company Repsol rose by more than four per cent yesterday, after key shareholder Sacyr signed a alliance with Mexico’s state-owned Pemex and pledged to buy a further five per cent in coming weeks.

“We don’t rule out a change in [Repsol’s] management and as a result a more attractive dividend policy, more favourable for Sacyr,” Banesto Bolsa analysts said in a note to clients.

Sacyr shares rose by up to eight per cent, boosted by hopes for higher dividends from its stake in Repsol and expectations it will be able to roll over a €5bn loan it signed to buy the stake.

Spain’s government will ask Pemex to explain its plans for its stake in Repsol, industry minister Miguel Sebastian said yesterday.

“The only thing which worries us is to guarantee the Spanishness of Repsol. Repsol is an important company which is strategic for Spain and has been very well managed up to now,” the minister said.