Repsol: Sacyr, Pemex Deal Excludes Majority of Shareholders

- Repsol: Sacyr, Pemex Deal Excludes Majority of Shareholders

Tuesday, August 30, 2011
Dow Jones Newswires
MADRID
by Santiago Perez

Spain's Repsol YPF SA (REP.MC) said Tuesday that it will seek to ensure that the interest of all shareholders is met after two of its top shareholders joined forces to control close to 30% of the voting rights at the oil firm.

As with previous attempts by Sacyr to sell a stake in Repsol to Russia's Lukoil Holdings (LKOH.RS), the Spanish oil company "will ensure that the interest of all shareholders is met, particularly in light of an agreement that excludes a majority of shareholders," Repsol spokesman Kristian Rix said in an emailed statement.

As part of an agreement disclosed late Monday by Spanish construction firm Sacyr-Vallehermoso SA (SYV.MC), Mexican state-owned oil company Petroleos Mexicanos will increase its Repsol stake to 9.8% from 4.8%, and vote together on key company issues with Sacyr.

The two companies said they want to split the chairman and chief executive roles, which are now both held by Antonio Brufau. Brufau has the backing of Catalan lender Caixabank SA (CBNK.MC), Repsol's second-largest shareholder with a stake of about 12%.

In 2008, Sacyr, owner of about 20% of Repsol, sought to sell Repsol shares to Lukoil as part of an effort to cut down on debt.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Aker Buys Majority Stake in Norwegian Subsea Duo

- Aker Buys Majority Stake in Norwegian Subsea Duo

Wednesday, June 29, 2011
Aker Solutions

Aker Solutions has acquired 70 percent of the Norwegian companies Ing. Harald Benestad AS (Benestad) and Phaze Technologies AS.

Benestad and Phaze Technologies, founded and owned by Harald, Pål and Randi Benestad, are well established globally in the subsea industry and have been among the key suppliers to Aker Solutions as well as other major subsea companies for a number of years. Both companies are located in close proximity to Aker Solutions' subsea technology and manufacturing centre in Lier, Norway, and employ 33 people and with a 2010 operating revenue of NOK 49 million (USD 9 million).

Benestad, a highly specialized materials science company, delivers high technology products for hostile, extreme pressure and high temperature subsea environments. All subsea instruments and power consumers require leak free connections through pressure housings and Benestad's power and signal penetrators are viewed by Aker Solutions as the best quality with the highest functionality in the industry.

Phaze Technologies provides advanced and reliable instruments for hydrocarbon leak detection, water leak detection, pressure and temperature measurements and water cut metering. The market for such products is growing as a consequence of more stringent environmental regulations and optimization of production from subsea fields.

"Benestad and Phaze Technologies have unique competence and experience within their fields and a strong commitment to developing leading edge and extremely reliable products. They have very strong technological expertise which will significantly broaden and deepen Aker Solutions' competence base," said Mads Andersen, executive vice president of Aker Solutions' subsea business area.

Pål Benestad, chairman of Benestad and Phaze, said, "Aker Solutions share our vision to be the preferred partner to our existing and new customers. Innovative solutions based on strong technological know-how will remain our focus area going forward and access to Aker Solutions' customers and regional network will enable further growth for both Benestad and Phaze."

Both companies will continue to operate as independent companies with existing management and brands servicing a broad range of long standing clients.

Completion of the agreement is subject to clearance by Norwegian competition authorities. The transaction value is undisclosed.

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