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Total and Shell study buying Repsol stakes-paper

Reuters

Thu Sep 25, 2008 2:49am EDT

MADRID, Sept 25 (Reuters) – French oil giant Total (TOTF.PA: QuoteProfile,ResearchStock Buzz) and rival Shell (RDSa.L: QuoteProfileResearchStock Buzz) are studying buying the 20 percent stake in Repsol (REP.MC: QuoteProfile,ResearchStock Buzz) of building group Sacyr Vallehermoso (SVO.MC: Quote,ProfileResearchStock Buzz), financial daily Expansion reported on Thursday, without citing its sources.

The pair is also considering buying the stakes of other shareholders in the Spanish energy group, including the 12.7 percent stake of Spanish savings bank La Caixa, it said.

Buying the Sacyr and La Caixa stakes would oblige any buyer under Spanish law to launch a full takeover bid.

Neither Shell nor Total would comment on the report.

The Spanish government has indicated it would look favourably on Total taking over Repsol, Expansion cited sources close to discussions on the issue as saying.

Earlier this month, Sacyr said it could sell its stake as it struggles with a sinking property market and soaring financial costs. (Reporting by Sarah Morris; Editing by Paul Bolding)

 

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