The International Petroleum Investment Company (IPIC) of Abu Dhabi has launched a takeover bid for 100% control of CEPSA.
The price being offered is €28 per share, representing a 23% premium on Tuesday’s sgare price.
IPIC currently own 47% of CEPSA, with the French company Total owning 48%. Total have apparently agreed to sell their shares to IPIC.
The bid values CEPSA at €7,500 million.