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Pemex Sells Repsol Stake For $2.9 Billion

|Includes:Repsol S.A. ADR (REPYY)

Mexico's Pemex has revealed that it sold its 7.86% stake in Repsol for approximately $2.9 billion. The shares were sold to unspecified private investors at a price of €20.1 per share, a 3.7% discount to the Spanish company's closing price on 3-Jun-2014.

The sale ends a more than 25 year partnership which has grown fractious due to disagreements over policies ranging from top management to handling of Repsol's investments in Argentina.

In May-2014, Pemex hired Credit Agricole to sell its stake of 9.3% in Repsol, according to El Confidencial.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: REPYY