Sinopec Buys Into Brazil Via Repsol
Spain’s Repsol has sold a 40% stake in its Brazil unit to Chinese oil firm Sinopec for $7.1bn, a high price in line with recent comparables. Repsol had been planning to float the stake, but opted for a strategic sale instead. Adam Waterous, head of global investment banking at Sinopec advisor Scotia Waterous, says the deal provides significant benefit over an IPO, including access to Sinopec’s technical and crude marketing...
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