Total sells stake in Spanish company to Abu Dhabi entity
Total and IPIC have signed an agreement whereby Total will sell its 48.83% share in the capital of CEPSA. IPIC, a wholly owned entity of the Abu Dhabi government, is currently a shareholder of CEPSA with a stake of 47.06%.
This sale will take place pursuant to a public takeover bid over the entire share capital of CEPSA that IPIC has undertaken to file with the Spanish Securities Commission CNMV. IPIC will offer € 28 per share of CEPSA and a dividend of €0.50 per share shall be paid to existing shareholders. Total has undertaken irrevocably to tender its shares into the offer and will receive an amount of approximately €3.7 billion. The transaction is conditioned on obtaining all requisite government approvals.
CEPSA is the second largest Spanish oil company with a refining capacity of 528,000 bpd, a network of approximately 1,750 service stations in Spain and Portugal and a hydrocarbons production of approximately 55,000 bpd. CEPSA also operates in petrochemicals, gas distribution and power.
In this way, Total is pursuing the implementation of its goal of reducing its exposure to European refining.
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