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Pemex to sell Repsol stake worth $3 billion

Wednesday, June 4, 2014

Mexico's national oil company Pemex will sell a 7.8 percent stake in Spanish oil firm Repsol worth about $3 billion, Citigroup and Deutsche Bank said.

The sale, to be made via an accelerated book build, should be completed by Wednesday, the banks said.

It ends a long relationship between Pemex and Repsol that had run into trouble in recent years over disagreements on policies ranging from top management to the handling of Repsol's investments in Argentina.

Source: Reuters