The Chairman also told shareholders that Chief Executive Officer Josu Jon Imaz will take over all executive functions

Antonio Brufau announces to shareholders that the integration of Talisman will become effective from May 8th

Press Release 30/04/2015 00:00
  • Repsol Chairman Antonio Brufau, and the company's CEO, Josu Jon Imaz, presented the review of 2014 and the highlights of the year so far at the Annual General Meeting of shareholders.
  • Brufau announced that once the requirements agreed to by the parties for the completion of the transaction have been met, the integration will become effective on May 8th. A new organizational structure will be unveiled on the same day, with all executive functions controlled by Josu Jon Imaz.
  • Repsol will become one of the world's largest private energy companies, adding a portfolio of high-quality and high-potential assets in OECD countries.
  • Antonio Brufau said: “This is a transformative deal that makes us one of the largest players in the international energy sector and allows us to grow as a company and reinforce Repsol's character as an integrated energy company with a solid, competitive project.”
  • Josu Jon Imaz, who was ratified as Board member and CEO of the company, presented the highlights of the Talisman acquisition, and its strategic fit within the Repsol Group.
  • “We will be a stronger, more diversified company and have a lower level of geopolitical exposure. It is an exciting project that I am proud to present and lead,” Imaz told shareholders.
  • The AGM approved the Financial Statements for 2014, when the company posted an adjusted net income of 1.707 billion euros thanks to the strengths of its integrated company model, which offers protection under adverse scenarios.
  • The effective management of the company's businesses, together with the successful recovery of value from YPF, has allowed the company to undertake the 6.5 billion-euro purchase of Talisman at the same time as it paid shareholders an extraordinary dividend of one euro per share.
  • Repsol's dividend yield for 2014 was the highest in the Ibex and double the sector average.
  • In his speech to shareholders, Antonio Brufau highlighted the growth and recovery that the Spanish economy is currently experiencing, adding that job creation remains a key challenge.
  • Josu Jon Imaz noted the contribution of the Downstream unit to the group's earnings in 2014 thanks to, among other reasons, Repsol's best-in-class European refining margin, which has reached historical highs in the first quarter of 2015.
  • Shareholders approved the reelection as Board members for a new four-year term of Antonio Brufau, as well as of independent Directors Luis Carlos Croissier, Ángel Durández and Mario Fernández, and of the institutional Director nominated by Sacyr José Manuel. They also ratified the appointment of Josu Jon Imaz and John Robinson West as members of the Board of Directors.

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