Antonio Brufau: An independent mind
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Antonio Brufau: An independent mind

Corporate finance: Brufau steers Repsol away from risk

Antonio Brufau: Biography

What is your understanding of Sacyr Vallehermoso’s intentions with regards to its 20% stake in Repsol YPF?


In August, Sacyr Vallehermoso, faced with huge debt, decided to analyse the selling price of its assets. Sacyr then put motorway company Itinere, real estate company Testa, and its stake in Repsol up for sale. My understanding is that it will sell the motorway business and retain the stake in Repsol: it considers the energy sector more strategic than the motorway sector. [Following this interview, Sacyr subsequently sold Itinere to Citigroup for €7.9 billion at the beginning of December but is reported to still be considering the sale of its stake in Repsol].

Were the [Repsol] stake to be sold, the crucial question for Repsol is to whom. I don’t have a problem with a financial buyer. The sale would be more problematic if it is to one of Repsol’s competitors. There are issues that must be addressed. First, Repsol must remain independent. Second, any sale must facilitate Repsol’s continued growth.

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