Spain: Abu Dhabi could launch Cepsa IPO in September
Mubadala, the Abu Dhabi state holding that owns Cepsa, will opt to for an IPO of the Spanish oil company instead of a direct private sale. The listing could come as soon as September, according banking sources cited by Reuters.
With plans to divest from Spain’s second biggest oil company and fuel retailer, Cepsa, Mubadala is currently keen on floating the company on the Spanish stock market. Negotiations for a direct sale are still ongoing, however.
Sources close to the company said the business would be valued at around 10 billion euros ($11.44 billion). Cepsa is a Spanish oil refiner and distributor with a network of nearly 1,800 service stations across Spain and Portugal.
In 2011, after acquiring Total’s stake in the company and executing an exclusion takeover bid, Abu Dhabi managed to control 100% of Cepsa, taking it out of the stock market at a valuation of 8 billion euros ($9.3 billion).
