Repsol: Russian Loukoil could acquire nearly 30% of shares

It is feared that the Russian giant Gazprom to take his hand on the Spanish Repsol oil ... but Moscow could gain a foothold in Spain - so it is more strategic - via the "intermediate" group Loukoil hydrocarbons.

"Jolie" how to enter the gas market Iberian ... while Spain is trying to avoid "invasion" in this area and qu'Algérie and Spain are partners in the Medgaz, which could undermine the dominance of Russia in the field ....

According to the weekend of several Spanish newspapers, the Russian oil group Loukoïl could acquire a 29.9% share in its competitor Spanish Repsol YPF at a price of 27 to 28 euros per share or a total of about 10 billion euros .... and double the current price (13.91 euros in Madrid Friday evening).

Anyway, Loukoïl is currently in discussions to resume from 20.01% held by the largest shareholder of Spanish oil, the group BTP Sacyr Vallehermoso. The Russian attempt to take advantage of the windfall, the crisis does not only unfortunate, since one advantage of the misfortune of others. For if the Spanish group faces some time since a severe crisis of real estate in Spain, the turbulent global economic and financial n'arrangent these cases it is currently in search of cash to cover debt important. An easy prey "unmanageable" by the huge Russian gas group.

According to the Spanish economic newspaper Cinco Dias, Loikoil have discussed this week with the four major banks (including Santander) who has granted credit of 5175 billion euros to buy Sacyr late 2006, its share in Repsol.

Discussions will resume Monday with all 48 creditor banks Sacyr, which plans to "give their final proposal Loukoïl mid-week", also written by Cinco Dias. This latest transaction would be through a takeover by Sacyr Loukoïl to the bank debt of 5175 billion.

Is a wonderful step for the Russian group, which will not be forced to invest in sonnante and stumbling. According to the newspaper "El Pais", would Loukoïl four posts on the board of directors of Repsol, on a total of 16. It also forty acceptéque the direction of oil continues to be Spanish, according to the will of Madrid. Recall that the statutes of Repsol limited to 10% of the voting rights of a shareholder, regardless of its share capital.

Regarding the additional block of shares, which come mainly from second shareholder of the Spanish tanker, the banking group La Caixa. Which be announced Friday in negotiations to sell the Russian part of his share of around 14% in Repsol, in case of concluding the transaction on the part of Sacyr.

According to several newspapers, the Russian group could sell additional shares Repsol, in order to obtain a total share slightly below 30% threshold for launching a takeover bid is mandatory.

Thursday, the Socialist government was "respectful" of a possible entry Loukoïl group in the Spanish Repsol YPF, a very established in Latin America and "strategic" to its supplies.

"The government must be respectful of the interests of the company and possible negotiations on the integration of other partners," said José Luis Rodriguez Zapatero at a press conference.

The head of Spanish government has thus far tempered the remarks of his Minister of Industry, Miguel Sebastian, who said earlier that the government would do "everything possible" so that Repsol "remains independent and Spanish." "Repsol is a strategic key to the strategic supply of Spain, had warned the Socialist minister.

Last week, while the Deputy Russian Prime Minister Alexander Zhukov said in Madrid that the Russian gas giant Gazprom was interested in Repsol, Madrid had expressed opposition to a private group and also strategic for Spain pass under the thumb of Gazprom, a major European gas suppliers controlled by the Russian state.

Nonetheless, it is Moscow appears to have several rounds in his bag ... The scenario Gazprom turned over this week in a Loukoïl, which Madrid can not oppose the argument of being a public group .... "We are talking about a private company whose main shareholder is American, has recognized Mr. Zapatero.

"Maybe we do not know enough, or do we not recall fairly as the main shareholder of Loukoïl is the second oil group in the world, an American," he added, making reference to ConocoPhillips.

Certainly, certainly .... note that the Spanish right has considered that "public or private," a Russian company was "not the best partner" for Repsol.