Argentina move: for Repsol?
Repsol 'may hive off YPF slice'
Spanish producer Repsol YPF could sell as much as 10% of its YPF unit to four of Argentina's provincial governments as part of its plan to reduce its exposure to Latin America, according to reports.
A Repsol spokesman declined to comment on the report, published in Madrid-based newspaper El Mundo.
Repsol has already announced it plans to sell 25% of YPF to Argentine investor Enrique Eskenazi in a two-stage deal and planned the flotation of a further 20% on the Buenos Aires stock exchange.
The flotation is expected to be divided into retail and institutional tranches and the current idea, according to El Mundo, is that four Argentine provinces - Chubut, Santa Cruz, Mendoza and Neuquen - will buy as much as 10% of the shares in the institutional tranche.
The newspaper reported that meetings have taken place between Argentine representatives and Repsol chairman Antonio Brufau and that it was agreed that the provinces would pay the same price as Eskenazi.
The Eskenazi deal valued the whole of YPF at $15 billion.
The flotation is expected to take place in June.