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Article: Santander and Total are knocking heads over Spanish refiner.
- Article from:
- Financial News
- Article date:
- September 29, 2003
CopyrightCOPYRIGHT 2003 Financial News Publishing Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Two of continental Europe's biggest companies -- French oil company Total and Spain's Banco Santander Central Hispano Americano -- are knocking heads over a joint holding in a Spanish refiner.The big Spanish commercial bank caught Total off guard on Friday with a [euro]1.2bn ($1.37bn) bid for a 16% stake in Cia. Espanola de Petroleos, or Cepsa, the Spanish oil refiner jointly controlled by the two companies. If successful, SCH would get a 36% stake in Cepsa, making it the second-largest shareholder after Total, which has a direct and indirect shareholding of 45.3%.
The bid pits Emilio ...
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