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How can the fact that Repsol was on the border of selling its stake to Sinopec be reconciled with the fact that it was contractually obligated to buy back the Eskenazi’s stake at $38 per share?
Posted at 09:43 PM in Argentina, China, Energy, España | Permalink
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1) If Sinopec offers a high enough premium, then it might make sense for Repsol to suffer the loss from paying $38/share to the Peterson group
2) I believe that YPF's bylaws state that if anybody is to buy more than 15% of the company they would have to make an offer for all shareholders. So this would mean that if Sinopec bought out Repsol, they'd have to offer to buy out the Eskenazis as well. The article you linked to says that Sinopec offered $15bn. Assuming that means $15bn for the whole company, that actually comes out to something like $38/share. So the Eskenazis would have been fine with this as well. If the number was less than $15bn then it becomes more complicated.
April 22, 2012 at 11:20 PM
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