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Fresh start

16 February 2011 By Fiona Maharg-Bravo

IPIC, the Gulf state’s fund, is buying Total’s 49 pct stake in Cepsa for 3.7 bln euros, taking its holding in the Spanish oil firm to over 95 pct. The move fits with the French group’s strategy to reduce its exposure to oil refining. IPIC’s motives are less clear.

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