Cepsa will return to the stock market on October 18, valued at a maximum of almost 8,100 million euros, according to the public offer of sale (OPV) brochure approved on Tuesday by the CNMV. He group has set a price range for its return to the Stock Exchange between 13.1 and 15.1 euros per share, with which its sole shareholder, Mubadala – the sovereign fund of Abu Dabi – plans to raise up to 2,019 million euros for 25% of the capital of the oil company to which the offer is directed. Thus, the price range set for the public offer of sale (OPV) means 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 will set the definitive price of the offer, in which it offers a maximum of 133.78 million shares, on October 16th and thus plans to return to trading on October 18, according to Ep.
On September 17, the oil company, wholly owned by Mubadala, announced its intention to request the admission to trading of its ordinary shares on the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges, with at least that 25% of the capital. Mubadala could extend this percentage to 28.75% if the placing entities exercise the right of over-allocation or "greenshoe". The transaction includes an offer to sell shares to qualified international investors inside and outside of Spain, as well as a limited package of securities for employees of Cepsa and its subsidiaries in Spain, which in this case will represent approximately 0.4% of the total of initial offered shares.
With regard to the dividend, the group states that, although as a sole proprietorship it has not had a specific policy in this regard, it will establish a "coherent and progressive" remuneration, but without setting a "pay out" (proportion on net profit). determined. Thus, for the year 2019 will pay in dividends a total of 450 million euros, of which 50% will be paid in December next year and the other half in June 2020. With a charge to 2018, will pay a final dividend of 160 million euros next June, bringing the total remuneration to the shareholder in 2019 would amount to 385 million euros. With respect to the year 2020, will pay a dividend of 475 million euros, also in two payments of 50% each, and by 2021 is marked the goal of increasing the compensation to its shareholders by a minimum of 5%, for later "Continue with a progressive dividend policy". In addition, the company led by Pedro Miró will assess additional ways of giving back to the shareholder, including share buybacks and extraordinary dividends. In fiscal year 2017, Cepsa obtained a net profit of 743 million euros, which represents an increase of 23% over the previous year.
In 2011, the Abu Dhabi Ipic fund took over 100% of Cepsa after acquiring 48.8% of the capital that was held by the French company Total for about 3,650 million euros. Thus, the valuation then of the company, that later was removed from stock market by the bottom, ascended to about 8,000 million Euros. Since then, Cepsa has maintained a line of growth in both the chemical sector, with the start-up of the plants in Shanghai (China) and Dumai (Indonesia), as well as exploration and production. In this line, at the end of 2013 it acquired the North American Coastal Energy Company for more than 1,600 million euros.