LUKoil could pay Sacyr 28 euros a share for its 20 percent stake in Repsol - double Friday's closing price of 13.91 euros - the Moscow Times reported.
"Much of the deal has been secured. The price LUKoil would pay is agreed on at 28 euros per share," the Russian nespaper cited some resource.
LUKoil would buy another 10 percent stake in Repsol from Spanish savings bank La Caixa, insurance company Mutua Madrilena, and Repinves, which is partly owned by La Caixa.
The only thing now is to get the loan fro the deal.
LUKoil officials met in Madrid on Nov.22 with a consortium of the country's largest banks, including Santander, Caja Madrid, Calyon and Citigroup. In 2006, these banks were involved in a 5.2 billion euro loan to Spain's Sacyr Vallehermoso construction group for the purchase of a 20% stake in Repsol. An official from the Catalonian bank La Caixa, which owns 12.68% in Repsol, also attended.
A takeover of Repsol would go a long way toward advancing LUKoil's long-held desire to establish a material refining presence in Western Europe.
Although both Spain and Repsol have said they want Repsol to remain Spanish and independent, Spanish Prime Minister Jose Luis Rodriguez Zapatero said that he would respect the independence and public-listed status of both LUKoil and Repsol.
If an agreement is reached with LUKoil, the loan should be approved by all the 48 banks which were involved in a lending program for Sacyr Vallehermoso.
LUKoil has not yet commented on statements by Spanish companies.
Author: Ksenia Kochneva
