Mubadala, the sovereign fund ofAbu Dhabiand sole shareholder ofCepsasince 2011, it has decided to delay the sale offer of shares in progress, directed at institutional investors and employees, considering that the instability suffered by the markets affects the valuation of the company.
"The most recent international economic events have seededa great uncertainty in the international capital markets. In this scenario, the appetite of international investors has been significantly withdrawn and, therefore, their willingness to participate in IPO processes like the one that Cepsa was carrying out, "the oil company underlined on Monday to the Commission. National Stock Market (CNMV).
Despite this, Mubadala has manifested his vocation of continuity as a long-term investor.
"The process of introducing analysts and potential investors, in unfavorable market conditions, has reinforced Mubadala's conviction of the value of Cepsa, the strength of its 2030 Strategic Plan, its outstanding leadership position in the market and the potential of growth, "the company underlined.
Cepsa had planned to return to the Stock Exchange on October 18 valued at a maximum of almost 8,100 million euros, according to the public sale offer brochure (OPV).
The group had set a price range for its return to the stock exchange between 13.1 and 15.1 euros per share, which the sovereign fund of Abu Dhabi estimated to attract up to 2,019 million euros for 25% of the capital of the oil company to which the offer was addressed.
Thus, the price range set for the public offer of sale (OPV) supposed to value 100% of the company at a minimum of 7,010 million euros and a maximum of 8,081 million euros.
This valuation would be around the 10,000 million euros in which the operation was included if the 3,000 million euros of debt that the group has in its balance sheet are included.
The company was going to fix the definitive price of the offer, in which it offered a maximum of 133.78 million shares, tomorrow, October 16, and estimated that it would return to trading on October 18.