Latham & Watkins Advises Repsol In $7B Sinopec Deal

Law360, New York (October 1, 2010, 2:09 PM EDT) -- Spanish oil company Repsol YPF SA on Friday announced a plan to sell 40 percent of its Brazilian operations to China Petroleum & Chemical Corp. for about $7 billion, aiming to create a South American energy exploration behemoth worth nearly $17.8 billion.

Sinopec will pay $7.1 billion to buy newly issued shares of Repsol Brasil, which plans to retain the remaining 60 percent of the shares, Repsol said. The Brazilian subsidiary's assets are currently valued at $10.7 billion, it said.

The cash infusion will allow Repsol...
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