Repsol chairman says could use YPF settlement for buys

miércoles 26 de febrero de 2014 09:06 GYT
 

MADRID Feb 26 (Reuters) - The chairman of Spanish oil major Repsol said on Wednesday that the company is open to using the money from an Argentine settlement on the acquisition of companies or assets.

Chairman Antonio Brufau said the company expected to monetize $5 billion of Argentine bonds within two years, which added to the potential sale of its remaining 12 percent stake in , could bring in between $6 billion and $6.5 billion.

However, the company would remain prudent over any acquisitions as well as on spending more money on share buybacks, he said.

On Tuesday the company said it would shortly present a plan to shareholders to buy back up to 2 percent of its capital, worth a maximum 500 million euros.

Repsol is still open to the sale of its 30 percent stake in Gas Natural Fenosa if it finds an acquisition that offers a better return, Brufau also said. (Reporting by Tracy Rucinski; Editing by Julien Toyer)