UPDATE 2-Sacyr looks to Repsol as debt deadline looms - sources

lunes 19 de diciembre de 2011 14:26 CET
 

* Sacyr must refinance 4.9 bln euros debt by Dec. 21

* Creditor banks want sale of half its 20 percent of Repsol

* Repsol itself potential buyer of 2.7 bln euro stake

By Carlos Ruano and Tracy Rucinski

MADRID, Dec 19 (Reuters) - Spanish oil major Repsol may buy up to 10 percent of its shares from Sacyr , as foreign industrial buyers faded before a looming deadline for the debt-laden builder to refinance, sources said.

A syndicate of banks led by Bankia, Citigroup and Santander, wants Sacyr to come up with about half the 4.9 billion euros ($6.4 billion) it owes to be able to refinance the remainder before a Dec. 21 deadline, sources with knowledge of the refinancing talks told Reuters on Monday.

Indian conglomerate Essar, Russian group Lukoil, Chinese oil major Sinopec, and an unnamed Latin American oil group had been tipped as possible buyers of the Repsol stake, worth about 2.7 billion euros.

The sources said that, while all options remain open, the likelihood of sealing a deal with a foreign industrial buyer at an attractive price before Wednesday looked slim.

Sinopec and other Chinese state-owned oil companies do not have a track record of taking minority stakes in established listed oil and gas companies. When a Chinese buyer was reported to be eyeing Sacyr's Repsol stake in 2008, industry minister Miguel Sebastian said he would like a Spanish buyer.   Continuación...