JP Morgan has become the second largest shareholder in Repsol with a 6.855% stake, after reporting financial derivatives on 4.73% of the oil company’s capital, as reported to the National Securities Market Commission (CNMV).
Specifically, the financial entity, present in the capital of Repsol since June 2014, when it emerged as one of its main shareholders with a 3.2% stake, has rights to various financial instruments for shares of the company that is exercised or redeemable between this year and 2025.
Thus, of the 6.855% share of the capital held by JP Morgan in the company chaired by Antonio Brufau, 0.585% corresponds to indirect voting rights and the remaining 4.73% to those financial instruments.
Sacyr is Repsol’s main shareholder, with a stake of 8.2%, while Blackrock has 4.99% and Norges Bank 3.11%.
The date of communication to the CNMC of the financial entity regarding its movement in the shareholding of the company corresponds to March 13, coinciding last week with the punishment suffered by Repsol on the stock market due to the fall in the price of crude oil for the ‘war’ between Russia and Saudi Arabia and the uncertainty due to the global crisis caused by the coronavirus.
Shielding of strategic companies
The Government has during the conoravirus crisis when these operations place the investor’s participation above 10% of the share capital of the Spanish company or allow it to take control of the administrative body of said company.
This is one of the measures included in the Royal Decree-Law on extraordinary urgent measures to deal with the economic and social impact of ‘Covid-19’ and its objective is to prevent companies from outside the EU from taking control of entities companies in strategic sectors, taking advantage of the conjunctural drop in their shares due to this crisis.
The stock market crash last week had put some of the country’s main strategic companies within range of takeover bids, such as Telefónica, Banco Santander, BBVA or Repsol itself, among others, which saw their shares plummet below what they indicate its fundamentals.
On the other hand, the vice president of Ecological Transition, Teresa Ribera, referred to this operation at the press conference held today and assured that: “Some companies have shareholder changes that can be considered normal. The decisions of the CNMV will make it easier for we do not find ourselves in an undesirable situation. We are closely monitoring. Today there is no threat on the horizon. Things are calm.”
JP Morgan was one of the entities that Repsol used in its war with YPF and was one of those that ended up keeping Argentine bonds that were used to pay compensation to the Spanish company for the expropriation.
Facebook Comments
Disqus