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IPIC to Acquire Total’s 48.83% Stake in Cepsa for €3.7 Billion

5:26 AM MST | February 16, 2011 | Deepti Ramesh

Total says it has signed an agreement with the International Petroleum Investment Co. (IPIC; Abu Dhabi), whereby Total will sell its 48.83% stake in Cepsa (Madrid) to IPIC for €3.7 billion ($5 billion).  IPIC currently has a 47.06% stake in Cepsa. This sale will take place pursuant to a public takeover bid over the entire share capital of Cepsa that IPIC has undertaken to file with the Spanish Securities Commission CNMV, Total says. IPIC will offer €28/share of Cepsa and a dividend of €0.50/share will be paid to existing shareholders Cepsa is...

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