MADRID, June 4 (Xinhua) -- Mexico's national oil company Pemex sold on Wednesday 7.86 percent of Spain's Repsol for 2.09 billion euros (2.86 billion U.S. dollars) to private investors, the Spanish National Securities Market Commission (CMNV) reported on Wednesday.
Pemex sold the 7.86 percent stake of the Spanish company at 20.10 euros each, which meant a 3.7 percent discount to Repsol's closing price on Tuesday. The Mexican company plans to sell its remaining 1.44 percent stake in August.
"Once this financing is complete, we'll look for the best market conditions to get rid of the remaining position," Pemex Chief Financial Officer Mario Beauregard stated.
Pemex attributed this decision to "low profitability of the shares obtained by the current administration compared with other oil firms and our differences on its corporate governance."
The operation meant that Pemex, which was Repsol's second largest investor, will end a 25-year partnership with the Spanish company.
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