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MEXICO CITY, June 4 (Reuters) - Mexican oil giant Pemex decided to sell nearly all of its stake in Spanish peer Repsol due to disagreements over the management of the company and low returns on its investment, Pemex said on Wednesday.
In a statement, Pemex said its sale of the stake worth close to $3 billion would allow the Mexican state-run company to allocate resources to more profitable projects and investments.
Pemex sold 7.86 percent of Repsol to unspecified private investors on Wednesday at 20.10 euros each, a 3.7 percent discount to the Spanish company's closing price on Tuesday, in a placement handled by book runners Citigroup and Deutsche Bank. (Reporting by Ana Isabel Martinez)