Repsol YPF Sells Stake To Spanish Constructor

Spanish-Argentine oil company Repsol YPF has sold a 9% stake to Spanish property and construction group Sacyr Vallehermoso for $3.6 billion. Sacyr becomes the company’s second-largest shareholder after financial entity La Caixa, which owns just over 14%. Repsol YPF welcomed Sacyr as a “long-term shareholder” and said it would be facilitating the representation of Sacyr Vallehermoso on its board of directors, “in accordance to the nature of its [Sacyr’s] shareholder stake and Repsol YPF’s Corporate Governance policy”.