The trade press announced yesterday that Repsol was willing to give the benefit to Sonatrach , its 30% stake in the gas and electricity Gas Natural Fenosa .
The Algerian oil company , which already has 4,007 % stake in the Spanish company could become the second largest investor after the pension fund, La Caixa , which can contain up to 37% , added the sources .
If this case were to materialize , it would require a budget of 5 billion euro . Which would put it at the head of Sonatrach investments abroad. But for now, none of the parties wanted to speak to this operation that could upset the balance of power in Spain .
The withdrawal of Repsol Gas Natural capital is the result of pressure Ahorros y Pensiones de Barcelona , a major known as La Caixa , which is chaired by the strongest man in the political system in Spain financial institution. Since both the gas business in Spain , Repsol affect resolutions of the Board of GNF to always maintain a leadership position.
La Caixa Repsol sees in a bad position in the capital of GNF , as they are both partners and rivals once . In addition, Repsol begins to feel the weight of its net debt amounted to more than 7 billion euro . This debt now prevents large investment transactions.
A few weeks ago , shares of GNF were affected in the Spanish stock exchanges in their value because of the information that has signaled a willingness expressed by officials of Repsol to sell their stake in this company. The same information also indicated that the Spanish oil group had hired two investment banks to evaluate their participation.
Both banks have in fact contacted several investors and European oil companies to offer their eventual acquisition of the stake in Repsol GNF . GDF Suez Group was the first to reveal the intentions of Repsol . Interviewed by the Spanish press , officials of the Natural Gas and GDF would not comment .
Sonatrach is still timid After a dispute that lasted several years , Sonatrach concluded in June 2011 in order to be successful and has agreed to acquire 38,183,600 shares in the capital of GNF for the price of 48 € 13 action . Operation for a total of 514 million , enabled the Algerian oil company access to the 3.85 % stake in the Spanish company .
Subsequently, the Sonatrach the dividends were converted into shares , allowing the end of 2012, to increase the participation of Algerian 4.007 % at 40 million shares. The value of these shares is currently estimated at about 720 million euro .
Therefore, as confirmed by Sonatrach , the acquisition of shareholdings in GNF is a very profitable , given the stability of its activities and especially the niche that has developed in the field of electricity and gas .
If Sonatrach has decided to acquire the shares of Repsol in GNF , energy will become the main actor in Spain, since it is involved in the transport and sale of gas and electricity in the whole society and Megdaz and also in the production of electricity through its shares of Energy de Portugal (EDP )