China’s Sinopec is eyeing a €2.7bn stake in Spain’s Repsol as Sacyr Vallehermoso, the indebted Spanish builder, races to offload half its shares in the oil company to pay back loans in order to avoid a possible collapse.
Sacyr is scrambling to refinance a loan expiring on Wednesday that was taken out at the height of the credit bubble to buy 20 per cent of Repsol.
The building group has identified two possible buyers for a quick sale of up to 10 per cent of its holding worth €2.7bn at current market prices, according to people familiar with the talks.
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