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Repsol lines up $5B issue
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June 18, 1999: 8:47 a.m. ET
Spanish oil group races ahead in advance of record stock offering
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LONDON (CNNfn) - Investors are rushing to grab stock in Spanish oil giant Repsol, prior to the group launching Spain's largest stock issue next week.
Repsol is raising up to $5 billion and increasing its capital by almost a third as part of the financing for its $13 billion takeover of Argentine oil firm YPF.
Since the takeover deal was announced in April Repsol shares have climbed by more than 25 percent to a new high of 19.14 euros Thursday, before easing slightly.
Brokers told Reuters the capital-raising offer is likely to start Monday 21 June, following approval by stock market regulators later Friday. Repsol officials could not immediately be reached to confirm this.
Repsol stock closed Thursday at 18.91 euros.
-- from staff and wire reports
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Repsol
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