International Petroleum Investment Company (IPIC) will acquire a 49% stake of Spanish oil refiner, Compania Espanola de Petroleos (Cepsa), Financial Times reports. The Abu Dhabi state-owned petroleum holding company will pay around $5.37 billion for the acquisition to Total.
IPIC, which already holds 47% of Cepsa, will acquire the remaining 4% stake floated on the Madrid Stock Exchange. Ipic has held a stake in Cepsa since 1998 and bought a further 32.5% from Santander in 2009.
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