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Spain: Repsol pounces on falling oil prices with $10B buyout

By  |  November 2, 2014

Spanish oil conglomerate Repsol is reportedly looking to capitalize on falling oil costs and declining US shale valuations through a buyout spree worth $10 billion, say reports.

The company has held on to funds gained through its divestiture of assets in Argentina in 2012, say reports. Now, the company is seeking new buyouts in regions with less political turmoil, like Libya and Venezuela, as it seeks to prevent a hostile takeover from a larger rival.

Unnamed sources say Repsol is seeking takeovers of firms that offer about an 8 percent return on investment, though they declined to specify which companies Repsol is going after.

The Spanish company previously failed to acquire Canada’s Pacific Rubiales and Talisman, as well as Norway-based Marathon Oil, in recent years.

Full content: Reuters

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