Repsol Targets Q4 for Brazil Spinoff

Repsol YPF is targeting Q4 of this year for its Brazil IPO, independent of what happens with the expected $30bn follow-on from Petrobras. “Our initial idea is to go to the markets behind Petrobras, and if Petrobras really delays the process, our goal is to aim for the last quarter of this year,” COO Miguel Martinez says on an earnings webcast. Repsol has said it could spin off as much as 40% of its assets In Brazil to fund increased investment needs. Bank of America Merrill Lynch and Credit Suisse are heard with the mandate. Repsol YPF has also been looking to raise as much as $3bn through a New York and Buenos Aires stock offering. BNP, Credit Suisse and Itau were advising on that.