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Repsol to Sell Interest in YPF to Lazard Asset Management, and Eton Park and Capital - Repsol's Move to Realign its Assets Portfolio
GlobalData, April 2011, Pages: 6
Repsol to Sell Interest in YPF to Lazard Asset Management, and Eton Park and Capital - Repsol’s Move to Realign its Assets Portfolio - Deal Analysis from GlobalData
Summary
Repsol to Sell 3.3% Stake in YPF to Eton Park and Capital
On December 23, 2010, Repsol entered into an agreement with Eton Park Capital Management, L.P. (Eton Park), an investment company, and Capital Guardian Trust Company and Capital International, Inc., a subsidiary of The Capital Group Companies, Inc. (Capital), to sell 3.3% stake in YPF for a consideration of $500m.
Under the terms of the agreement, Eton Park and Capital, each will acquire 1.63% stake in YPF and each will pay $250m as a purchase consideration. Eton Park will also acquire warrants to purchase up to an additional 1.63% of YPF, exercisable until January 17, 2012 at $43 per share.
Following the transaction, the YPF’s ownership structure is Repsol Group (79.84%), Petersen Group (15.46%) and a 4.69% free float.
Repsol to Sell 2.9% Interest in YPF to Lazard Asset Management
On March 14, 2011, Repsol YPF S.A. (Repsol) agreed to sell approximately 11,415,094 shares, representing 2.9% interest in YPF S.A. (YPF) to Lazard Asset Management, LLC (Lazard), an international financial advisory and asset management firm, for a sale consideration of $484m or $42.4 per share, subject to adjustments in accordance with certain customary anti-dilution provisions.
Upon completion, Repsol Group holds 75.9% interest; Petersen Group holds 15.46% interest and 8.64% free float
Scope
- Rationale behind Repsol selling YPF to Lazard, Elton Park and Capital,
- Strategic Benefits for Lazard, Elton Park and Capital to look for exploration assets in South and Central America,
- Geography covered -Argentina
Reasons to buy
- Develop a sound understanding of the major M&A's, Partnerships, And Joint Ventures taking place in South and Central American industry,
- Identify the most lucrative segments to leverage on the growth oppurtunities available in the Argentina's oil & gas market,
- Get a detailed analysis of a deal to enable you to take better decisions.
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