La Caixa Could Follow Repsol in Gas Natural Fenosa Divestiture

Spain’s La Caixa is considering the sale of its stake in Gas Natural Fenosa, taking advantage of a similar plan of partner Repsol. 

La Caixa and Repsol jointly hold 65% of the Spanish utility. They are bound by a shareholders’ agreement for the control of Gas Natural Fenosa. The pact would be broken in case the companies jointly detained less than 50% of the shares or one of the two held less than 20%. 

News agency Reuters and newspaper Expansion report that La Caixa intends to maintain a majority shareholding in the gas and electricity utility. It currently detains 35% of the shares. 

Analysts suggest the Spanish lender could sell between 5 and 8%. 

On Monday, Repsol was reported to have sounded out banking advisers about the sale of its stake in Gas Natural Fenosa.