Repsol plans more M&A to get bigger in fewer countries [Reuters]
REPSOL SA SP/ADR (REPYY)
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Source: Reuters
Repsol plans more M&A to get bigger in fewer countries - Reuters 3 Min Read MADRID (Reuters) - Spanish energy giant Repsol plans to buy and sell more assets in a drive to get stronger in a smaller number of markets, its CEO said on Thursday, after weak energy prices prompted it to cut capital spending and core profits forecasts. CEO Josu Jon Imaz said the company now expected capital spending (capex) for 2018-2020 to be 12.5-13.5 billion euros ($13.9-15.0 billion), including 500 million euros on renewable energy assets. That is down from 15 billion euros previously. “Our geographical scope is not the right one,” Imaz said, “We have to reduce the scope of the countries where we operate, and become more active in M&A.” He said the company would reduce its presence in the countries where it is smallest, without giving details. Though weak energy prices dragged down Repsol’s third quarter adjusted net profit, it still beat market expectations thanks to downstream businesses such as refini
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