Repsol Plans Brazil IPO

Repsol REP, Spain's largest oil company, is looking to raise $4 billion in an initial public offering of the company's Brazilian business, valuing the 40% stake Repsol plans to sell at $10 billion. Repsol plans to use the proceeds to fund its expansion plans in Brazil. The company has stakes in the Guara and Carioca fields near Tupi, the largest discovery in the Americas since Mexico’s Cantarell in 1976, according to Bloomberg News. Repsol is planning to move forward with the IPO before the end of this year and will not wait for Petrobras PBR to commence a $25 billion offering to minority shareholders. The Petrobras offering was seen as a possible delay for the Repsol IPO. Repsol has hired Bank of America BAC, Banco Santander STD and Itau Unibanco ITUB to manage the IPO.