Loan Repsol ready to LUKOIL fifty banks

48 Spanish banks are willing to give Lukoil a credit of 5.1 billion euros to buy shares in Repsol. At the same syndicate requires LUKOYLa additional guarantees on debt, as shares of Repsol insufficient as the only security.Analysts do not rule out a positive decision on the loan, but pointed to the risk of the transaction, as well as the purchase of Spanish companies with low rates of production is fraught with high costs, writes today RBC daily. Oil and gas group Repsol YPF created in 1999 through the merger of Spanish and Argentine Repsol YPF. The group has oil and gas in 29 countries, mostly in Spain and Argentina. Major shareholders: Sacyr Vallehermoso SA (20,01%), Criteria Caixa Corp. (14,29%), Petroleos Mexicanos (4,90%), Chase Nominees Ltd (9,83%), Axa SA (4,21%). According to the Spanish business newspaper Cinco Dias, the syndicate of 48 banks ready to provide credit in LUKOYLu amount of 5.18 billion euros. These include the acquisition of a construction company Sacyr Vallehermoso SA 20% stake in Repsol at a price of 27-28 euros for the paper. One of the conditions of the loan – to provide additional guarantees for debt, as shares of Repsol insufficient as the only security. The publication claims that the Company agrees to provide its assets and bonds as a guarantee. Another bank – La Caixa, a shareholder and sells its share of Repsol, – can provide 4 billion euros to buy 9.9% stake in the company, said the newspaper. The total loan amount is estimated at 5.18 billion euros. At the same time, the Government of Spain was still hopes to preserve the independence of Repsol, but it will not oppose the sale of minority stake to the Russian Lukoil, Bloomberg News reported, citing the Prime Minister of Spain Jose Luis Rodriguez Zapatero. Recall the Spanish media earlier reported that a Russian company interested in buying 29,9% Repsol. The package comprises 20% stake in construction company Sacyr Vallehermoso, which has long been put up for sale, and almost 10% of the shares of minority shareholders. At the end of last week, the bank La Caixa officially confirmed that negotiates with Lukoil to sell him their shares. Get rid of their papers ready and the Spanish insurance company Mutua Madrilena. Her proposal – to sell securities Repsol at a price not less than 27 euros apiece, provided the transaction with the company Sacyr Vallehermoso place. Experts estimate that 30 per cent share of the company could do LUKOIL at 10 billion dollars Experts believe UniCredit Aton, if the transaction did take place, LUKOIL will acquire the share capital is not very impressive mining company with the high cost and with little prospects for growth. However, some possible synergies with other refineries and distribution assets of LUKOIL in the Mediterranean (in particular, has recently acquired a network of petrol stations in Turkey and Bulgaria). Therefore, much will depend on the price of the transaction, future costs and logistics of marketing oil products, believe in the investment company. This leaves LUKOYLa in any case will not be able to determine a strategy for Repsol, believed to UniCredit Aton.