The price agreed values the company at 15,000 millon dollars

Repsol YPF and the PETERSEN group sign an agreement for the sale of up to 25% of YPF

Press Release 21/12/2007 00:00
  • In the first stage, Repsol YPF will sell 14.9% of YPF for U.S.$2.235 billion.
  • The agreement also provides that the Petersen Group may increase its interest to up to 25% through an option to purchase an additional 10.1%.
  • This is a key transaction for the development of Repsol YPF’s future Strategic Plan.
  • It places the Petersen Group among the largest Latin American business groups.
  • Repsol YPF adds an industrial ally in Argentina for YPF.
  • It will promote organic growth, diversify Repsol YPF’s assets, and improve its financial structure.
  • This is the largest private business transaction in Argentina in several years.
  • The entrance of the Petersen Group will advance YPF’s activities in the region.
  • It consolidates YPF’s position as a leading energy company in Argentina and Latin America.
  • The Repsol YPF-Petersen alliance will strengthen the integration of YPF’s management into the economic, business and social fabric of Argentina.
  • The agreement envisions a public offering by Repsol YPF of approximately 20% of YPF’s capital stock.
  • Repsol is reweighting Latin America on its balance sheet, without losing its presence or its commitment to the area.
  • It puts a value on YPF and contributes to a greater valuation of Repsol YPF.
  • Repsol will continue as the controlling shareholder of YPF.
  • Antonio Brufau will Chair the new YPF and its Board of Directors.
  • Enrique Eskenazi, in his individual capacity, will be a Vice Chairman.
  • Sebastian Eskenazi will become Chief Executive Officer and Antonio Gomis will assume the role of Chief Operating Officer.
  • The company’s Board of Directors will reflect the new shareholding structure.
  • Antonio Brufau, Chairman and Chief Executive Officer of Repsol YPF: “The transaction announced today creates a team combining complementary capacities of two partners: the global efficiency of Repsol in the oil business and the Petersen Group’s business management skill in Argentina. This combination, together with the strength of YPF’s assets and the professional and human quality of the more than 11,000 people it is made up of, guarantees the future success of what was agreed today.”
  • Enrique Eskenazi, Chairman of the Petersen Group: "Energy and oil represent a major business opportunity at this time in Argentina and throughout the region. It is a privilege to enter into this venture together with an oil company that is the largest in our country and one of the leading oil companies in the world, with its highly qualified and motivated personnel.”

 

21 December 2007 - 00:00 CET | PDF | 195.08 KB