Singapore’s sovereign wealth fund Temasek Holdings said on Monday that it had increased its stake in the Spanish energy company Repsol in a deal worth around 1 billion euros, or $1.3 billion.
The announcement is the latest effort by Repsol to ease pressure on its credit rating after Argentina nationalized the company’s 57 percent stake in the local energy firm Repsol YPF, which had provided large returns for its parent company.
Repsol agreed last week to sell a number of natural gas assets to Royal Dutch Shell for $4.4 billion in a bid to reduce the Spanish company’s debt burden. Repsol said the deal would reduce its outstanding net debt by half, to just under $3 billion. Full story
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