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.
