Singapore’s Temasek in Repsol Swoop
Temasek, from Singapore, has acquired the treasury shares currently held by Repsol, amounting to 5.04% of the company’s stock. The agreement comprises the purchase of 64.7 million Repsol shares from the company’s treasury stock, at 16.01 euros per share, representing a 1.036 billion euro payment to Repsol.
Together with existing share holdings in Repsol, Temasek now owns 6.3% of Repsol’s shares. Temasek, whose portfolio value is in excess of 115 billion euros, is increasing its exposure to the European energy industry with this investment in Repsol.
Repsol Chairman Antonio Brufau said; “An investor as significant and prestigious as Temasek we regard as important international backing of our growth strategy.”
With this agreement, Repsol fulfills its objective of selling its treasury stock, acquired in December of 2011 from Sacyr Vallehermoso’s lenders. In January of 2012 Repsol sold 5% on the market, and today completes the sale of the treasury stock with the purchase by Temasek. Overall, this deal will have a 148 million euros negative impact on reserves.
The sale to Temasek is part of Repsol’s aim to consolidate its shareholder structure with the incorporation of investors of accredited international prestige to accompany Repsol in its long-term industrial development.
Incorporated in 1974, Temasek is an investment company based in Singapore, with 11 affiliates and offices in Asia and Latin America. Temasek owns a portfolio of more than 115 billion euros as at 31 March 2012, anchored mainly in Singapore and Asia.
Press Release, March 4, 2013