Oil group Cepsa jettisons IPO plans | Financial Times:
Cepsa, the Spanish oil and gas company, has become the latest group to pull its initial public offering because of choppy conditions in global equity markets.
The group, which is owned by the Abu Dhabi state investor Mubadala, had been due to list on the Spanish stock exchange in what would have been the biggest listing of an oil group since Rosneft floated in 2006.
Cepsa’s listing was expected to capitalise on a steep recovery in oil prices, which have returned above $80 a barrel from below $30 in early 2016, sparking a fresh round of dealmaking in the industry.
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