For the amount of 2,235 million dollars

Repsol YPF executes the sale of 14.9% of YPF to the Petersen Group

Press Release 21/02/2008 00:00
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21 February 2008 - 09:00 CET | PDF | 40.82 KB

Today, in Madrid Repsol YPF executed the sale of 58,603,606 Class D shares, in the form of ADSs, of YPF, representing 14.9% of YPF’s capital stock, for 2,235 million US dollars (38.14 US dollars per share) to Petersen Energía, S.A. (a member of the Argentinean Group Petersen). The transaction, which values YPF at 15 billion US dollars, will significantly contribute to a greater diversification of the Repsol YPF Group’s assets and to its organic growth.

Both companies reached an agreement which also provides that the Petersen Group may increase its interest to up to  25%, by means of an option to purchase an additional 10.1%.

The transaction executed today includes financing arrangements and its terms have been fully disclosed as required by the US Securities and Exchange Commission (SEC), the Argentinean Securities Commission (Comisión Nacional de Valores), and the Spanish Securities Exchange Commission (Comisión Nacional del Mercado de Valores).

After the inclusion of the new Argentinean partner, Repsol YPF will continue to be the controlling shareholder.  Antonio Brufau will chair YPF and its Board of Directors. Enrique Eskenazi will occupy the Vice Chairmanship; Sebastian Eskenazi will be the Chief Executive Officer , and Antonio Gomis the Chief Operating Officer. The composition of YPF’s Board of Directors  will reflect the new shareholding structure.