Russian Repsol

20 November 2008 By Fiona Maharg-Bravo

Persistent rumours that the Russian oil and gas company is about to buy a 30% stake in its Spanish rival at a huge premium don t add up. Russia is struggling and funding is scarce in the markets. Even if the Russians came up with the cash, they might not be welcome in Madrid.

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La Caixa, Spain's largest savings, said in a regulatory filing there had been informal contacts with possible buyers of all or part of its 12.5% stake in Repsol, the Spanish oil and gas company. However, it added that no concrete offer had been received.

All the Spanish newpapers reported that Lukoil, the Russian oil and gas company, was close to buying a 29.9% stake in Repsol at around E27 a share, or E9.7bn. Repsol shares are trading below E14 per share. The Spanish government has said it would prefer Repsol to remain independent and Spanish.

Lukoil, Sacyr and Repsol declined to comment.

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