Open confrontation in the general meeting of shareholders held in Madrid.
The general meeting of shareholders of the Spanish multinational Repsol was the scene of a new clash between the current Executive Chairman Antonio Brufau and representatives of Petroleos Mexicanos (Pemex), which owns 9.4 percent of the company, in this case by an initiative of segregate to the Energy Corporation, which was finally rejected.
Antonio Brufau sale reinforced after the failure of the strategy of the Mexican oil company.
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| Speech of Antonio Brufau, Chairman of Repsol, during the presentation of the strategic plan of the company, whose shareholders approved the proposal of the Government of Argentina for indeminizar with $ 5 billion to the oil expropriation of 51 per cent of YPF. |
The majority of shareholders backed management and Brufau proposals, including criticism open to the strategy of the Mexican oil company of trying to control the business of exploration on their own behalf. The President of Repsol became the general meeting of shareholders with a firm strategy to achieve three main objectives: approve new conditions to ensure that the company will not segregate or change seat or of social capital, for which, from now on, will need 75 percent of the votes of shareholders and the Board of Directors.
They accuse the Mexican trying to destabilize In addition, he managed the approval of the proposal of argentina YPF oil to close the open conflict as a result of the expropriation of its shares in the company and in projects of exploration at the site of Vaca Muerta. And, finally, to regain the confidence of major shareholders, such as the President of La Caixa, Isidro Fainé, and other investment funds with shares in Repsol, including Calvert Investment, Canadian Pension Plan, Ontario Teachers, F & C Investment and Vanguard. During his speech to shareholders, Brufau was not even diplomatic accused Pemex and its former allies of Sacyr of trying to destabilize the company through covenants regardless of the interests of the company and warned that now, with the proposal to segregate Repsol, it would result in a new version of an siege unwanted. From a business point of view, it would be an outrage gleaned this company in two. I also remember the Covenant of a member of this House [Luis de el Rivero, then Chairman of Sacyr] with other partner [Pemex] President to control the company without launching a takeover bid.
Now anyone who wants to control the business will have to make a takeover bid and there will be all of you. We are not worried its impact on the market, Yes to avoid too much noise and that you all are partakers of major decisions.
Brufau also qualified the maneuvers of the past of Pemex and Sacyr - culminating in a thunderous failure and with million-dollar losses for the Mexican oil company, with the approval of the previous directive, headed by Juan José Suárez Coppel - not very transparent operations.
With these warnings, Brufau attained the support of much of the shareholders, as well as the shielding of the company before a possible segregation of their exploration and production of hydrocarbons, refining and marketing divisions.
He even warned on several occasions that these risks are there, are here today, because there is too much noise, there is much criticism that is not understood well, alluding to Pemex and its current director, Emilio Lozoya, who has criticized repeatedly the way of managing the company by the catalan entrepreneur. Julio Francisco Poulat, representative of Pemex, after voting against the proposals of Brufau and in response to the obvious allusions to his performance in the past and in the present, requested the floor before the general meeting, and returned again to criticize the initiative, considering that it will be at a Repsol competitive disadvantage against its rivals, in addition to that statutory changes, in his view, they are not justified and are harmful to shareholders. Also, said that Pemex has no intention to promote or support any separation or segregation among the activities. Therefore, it is an artificial controversy. Repsol must be in the best position to take the challenges of the future, without conditions that limit their ability to adapt with greater strength and flexibility. The shareholders also approved the proposal of the Government of Argentina, Cristina Fernández de Kirchner, to compensate Repsol for the expropriation of 51 percent of its shares in YPF, the amount that was finally set at 5 billion dollars as compensation and guarantees of the effective payment.