Repsol is selling a 3.83% stake in its Argentine unit, YPF, to Lazard Asset Management and other investment funds, The Wall Street Journal reports. The Spanish oil company will raise $639 million from the sale.

With the sale, the Madrid-based company will reduce its holding in the Argentine unit to 75.9%. Repsol would also sell up to 7.1% of YPF through a sale of American depositary share, adds Bloomberg.

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