Abu Dhabi's IPIC eyes complete takeover of Spanish petrochemical holding

03-Mar-11
Abu Dhabi’s International Petroleum Investment Company (IPIC), which acts as the Abu Dhabi sovereign wealth fund, has announced plans to launch a public takeover bid for energy giant Compania Espanola de Petrolios (Cepsa). IPIC raised its shares in Cepsa to 47.06% in 1988 and has made an offer to Cepsa’s other majority shareholderTotal to acquire its 48.83% stake in the Spanish company. The total deal is valued at about EUR 3.97 bln, with IPIC planning a subsequent squeeze-out. Cepsa’s chemical businesses include an 800,000 tpa cumene line in Huelva, including downstream products phenol (600,000 tpa) and acetone (370,000 tpa). Cepsa also is engaged in the manufacture of terephthalic acid (PTA) in Spain and Canada.
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