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Caixa Galicia in talks to sell stake in Galp.


Spanish savings bank Caixa Galicia is in talks to sell its 4.5% indirect stake in Portuguese oil and natural gas firm Galp Energia (ELI:GALP), economic daily Diario Economico wrote today.

Portuguese entrepreneur Americo Amorim is a potential buyer of the stake, the paper said.

Galp's main owners are Portuguese power firm Amorim Energia, Italian oil and gas company Eni SpA (BIT:ENI) and the Portuguese state.

A shareholder agreement, however, blocks any change of their stakes until the end of 2010. Under the accord, the shareholders are required to retain their shares in Galp until 31 December 2010, and exceptions are allowed only in case of deadlock situations, change of shareholder control and breach of the shareholder agreement. The shareholder agreement also states that the shareholders cannot raise their stake to over 33.34%. Amorim Energia is already holding 33.34% in Galp.

Country: ; Portugal

Sector: ; Petroleum/Natural Gas/Coal

Target: Galp Energia

Buyer: Americo Amorim

Vendor: Caixa Galicia

Type: Divestment

Status: Talks

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Publication:M & A Navigator
Date:Feb 23, 2010
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