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Abu Dhabi Planning Biggest Oil IPO in Decade

Abu Dhabi Planning Biggest Oil  IPO in DecadeAbu Dhabi Planning Biggest Oil  IPO in Decade

Abu Dhabi is pushing ahead with an initial public offering for Spanish oil company Cia Espanola de Petroleos SAU, in what could be the largest such deal in a decade. The emirate’s Mubadala Investment Company will offer a stake of at least 25% in Cepsa in the fourth quarter, the state-owned investor said on Monday in a statement. The Madrid-based refiner will list on Spanish exchanges, Reuters reported. Mubadala is proceeding with an IPO rather than a sale after potential bidders were narrowed down to private-equity firm Carlyle Group LP, people familiar with the matter said previously. Cepsa could raise about €3 billion ($3.5 billion), people said, making it the biggest oil IPO in about 10 years, according to data compiled by Bloomberg. That would value the whole company at as much as €10 billion, handing Abu Dhabi significant paper gains because its funds took full control of the firm in 2011 in a deal valuing it at about €7.5 billion.

 

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