Santander, Spain’s biggest bank, on Tuesday agreed to sell its 32.5 per cent stake in oil refiner Cepsa to the International Petroleum Investment Company (Ipic) of Abu Dhabi for about €2.8bn ($3.8bn).
The sale, following a year of intermittent negotiations, represents the divestment of the Spanish bank’s last remaining substantial equity holding. Unión Fenosa, the Spanish electricity group, will sell its 5 per cent stake in Cepsa as part of the same deal.
Ipic will pay €3.3bn in total to lift its current 9.5 per cent stake to about 47 per cent, making it the second biggest shareholder after Total, the French oil major.
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