TOTAL Sells its 48.83% Stake in CEPSA to IPIC - IPIC Strengthens its Presence in Europe - Deal Analysis From GlobalData by GlobalData

VIEWS: 13 PAGES: 7

More Info
									                 TOTAL Sells its 48.83% Stake in CEPSA to IPIC - IPIC
               Strengthens its Presence in Europe - Deal Analysis From
                                      GlobalData
        Reference Code: GDGE0322M&A                                                                                                     Publication Date: August 2011


        1         Table of Contents
        1 Table of Contents.................................................................1
         1.1 List of Tables .................................................................1
         1.2 List of Figures ................................................................1
        2 TOTAL Sells Its 48.83% Stake In CEPSA To IPIC ..............2
         2.1 Deal Overview ...............................................................2
         2.2 Deal in Brief ...................................................................2
         2.3 IPIC Intends to Acquire 100% Stake in CEPSA ............2
         2.4 IPIC Sees Acquisition of Stake in CEPSA as a
              Significant Step in its Long-Term Investment Strategy ..2
         2.5 TOTAL is Continuing to Optimize its Downstream
              Assets Portfolio in Europe .............................................3
         2.6 Deal Financials and Valuations .....................................4
        3 Appendix ..............................................................................6
         3.1 Methodology ..................................................................6
         3.2 Contact Us.....................................................................7
         3.3 Disclaimer......................................................................7


        1.1       List of Tables
        Table 1:   CEPSA, Shareholder Structure, Before the Current
                   IPIC Deal ..................................................................3
        Table 2: TOTAL S.A., Europe, Downstream Divestments,
                   2007–2011 (August) .................................................4
        Table 3: Companies Involved ....................................................4
        Table 4: Financials of the Deal ..................................................5
        Table 5: Target Information .......................................................5
        Table 6: Acquirer Information ....................................................5
        Table 7: Vendor Information ......................................................6



        1.2       List of Figures
        Figure 1: CEPSA, Operations Map, August 2011 .....................2




                                                                                                                                          GDGE0322M&A /Published AUG 2011
TOTAL Sell its 48.83% Stake in CEPSA to IPIC - IPIC Strengthens its                                                                                                Page 1
Presence in Europe
                                                                                                     © GlobalData. This report is a licensed product and is not to be photocopied
                                                                           CEPSA’s Chairman, Santiago Bergareche, said: “We are in the
                                                                           final process of a change in the company’s shareholding
        2       TOTAL Sells Its 48.83% Stake In                            structure which will culminate with the sale of the minority
                CEPSA To IPIC                                                                    th
                                                                           shareholdings on 19 of August. After that, IPIC will be
                                                                           CEPSA’s sole shareholder.”
        2.1     Deal Overview
                                                                           CEPSA is engaged in petroleum refining and marketing;
        Deal Type:                 Acquisition                             exploration and production; petrochemicals and power
        Deal Sub Type:             Minority Acquisition                    operations. The following figure shows CEPSA’s global
                                                                           presence.
        Deal Status:               Completed
                                                                            Figure 1: CEPSA, Operations Map, August 2011
        Announced Date:             Feb 16, 2011

        Completed Date:            Aug 2, 2011

        2.2     Deal in Brief
        TOTAL S.A. (TOTAL) completed the sale of its 48.83% stake in
        Compania Espanola de Petroleos, S.A. (CEPSA) to
        International Petroleum Investment Company (IPIC), an
        investment company, for a consideration of approximately
        €3,700m ($4,997.29m).                                               Source: GlobalData, IPIC

        Following the acquisition, IPIC holds 96% stake and is expected
        to bid for the remaining stake for €28 per share ($37.82 per
        share).                                                            CEPSA has a refining capacity of 528,000 barrels per day
                                                                           (bbl/d), a network of approximately 1,750 service stations in
        The acquisition enables IPIC to strengthen its presence in
                                                                           Spain and Portugal and hydrocarbons product
								
To top