Endesa and Iberdrola complete sale of their stake in Medgaz (Spain)

3 Jul 2013

Iberdrola and Endesa have completed the sale of their 20% and 12% stakes in the Medgaz gas pipeline that supplies Spain with Algerian gas.
The companies had initially concluded a sale agreement with Fluxys (Belgium), which would have become the largest shareholder in the pipeline with 32%. However, Sonatrach and Cepsa, which held 26% and 20%, respectively in the gas pipeline, exercised their right of first refusal and had to acquire the sellers' stakes on the basis of their shareholdings: Iberdrola has just completed the sale of its 20% stake (10.6% to Sonatrach for €76.3m and 9.4% to Cepsa for €67.6m) and Endesa that of its 12% stake (6.3% to Sonatrach and 5.64% to Cepsa, for a total €83.8m). The transaction amounts to €228m. Thus, Cepsa rises from 20% to 35.04% its stake in Medgaz, while Sonatrach raises from 26% to 42.96% and consolidated as the main shareholders. Gas Natural Fenosa has another 10% of the capital and GDF SUEZ, the remaining 12%. GDF SUEZ announced the upcoming sale of its 12% stake and Sonatrach and Cepsa may further raise their stakes in the pipeline.

Register to receive our daily newsletter

Interested in Global Energy Research?

Enerdata's premium online information service provides up-to-date market reports on 110+ countries. The reports include valuable market data and analysis as well as a daily newsfeed, curated by our energy analysts, on the oil, gas, coal and power markets.

This user-friendly tool gives you the essentials about the domestic markets of your concern, including market structure, organisation, actors, projects and business perspectives.