ZCZC
BCN-24
SPAIN-ENERGY-OIL-CEPSA
Spain’s Cepsa postpones IPO, blames market conditions
MADRID, Oct 15, 2018 (BSS/AFP) – Spanish oil company Cepsa on Monday said
it had postponed a market listing planned for Thursday, blaming global market
conditions.
The firm said in a statement that Abu Dhabi-based Owner Mubadala had
“decided to desist” on a planned market listing, citing “the current state of
international capital markets.”
State inverstor Mubadala, which has since 2011 held a 100 percent stake in
Cepsa, had announced a month ago it intended to sell off a 25 percent share
to raise around $2.3 billion.
The planned operation wuold have valued the group, which employs some
10,000 people, at 8.08 billion euros ($9.35 billion) if investors had snapped
up shares for the maximum 15.10 euros.
Madrid-based Cepsa delivered first half profits up 7 percent at 441
million euros on sales of of 12.4 billion euros.
Its activities are concentrated on refining and distribution in Spain but
it is also present in oil and gas exploration and production both in Latin
America and North Africa.
BSS/AFP/HR/1435