Repsol has placed 26.21 million YPF shares in the secondary share offering announced on March 14 in the form of American Depositary Shares (ADS’s), priced at $41 each.
Additionally, Repsol has granted an option to the underwriters for a further 3.93 million YPF shares (Green shoe), making for a total of 30.14 million shares. The close of the offer, subject to customary conditions, will take place on March 28 2011.
This share offering has been marked by the high demand registered, resulting in an increased offering of 1.94 million shares, 0.5% of YPF more than initially planned. With the price per share set for this operation, YPF is valued at 16.125 million dollars.
The success of the share offering highlights investor confidence in YPF’s potential and its management team.
Since last November, Repsol has placed 15% of YPF's capital amongst institutional and private investors. These transactions are part of Repsol's strategic plan to rebalance its portfolio of assets as set out in the Horizon 2014 project.
On March 14, the company agreed to sell to Lazard Asset Management and other funds a 3.83% of YPF for 639 million dollars. At the end of 2010, Repsol sold 3.3% of YPF's stock for $500 million to funds managed by Eton Park Capital Management and by Capital Guardian Trust Company and Capital International, Inc. Along with these transactions in the last few months Repsol sold on the market shares totalling 1.06% of YPF.
After all these operations, YPF’s ownership structure is as follows: Repsol (69.22%), Petersen Group (15.46%) and 15.32% of free float.