The private Russian oil giant Lukoil on Friday moved closer to acquiring nearly 30 per cent of Spain's largest oil company Repsol, with La Caixa bank announcing that it was willing to sell Lukoil a part of its stake, according to dpa. La Caixa said it would sell Lukoil a part of the 12.5 per cent stake owned by its holding Criteria, if Lukoil also reached a deal with Sacyr Vallehermoso to acquire the 20 per cent stake held by the construction company and if the deal could be financed. The deal, which has been estimated to be worth about 9 billion euros (11 billion dollars), would make Lukoil Repsol's biggest shareholder. Buying more than 30 per cent of Repsol would force Lukoil to launch a bid for the entire company. La Caixa was meeting with bank representatives to seek financing for the deal, the bank told the stock market watchdog CNMV. The CNMV meanwhile suspended the stocks of Repsol and Criteria. Prime Minister Jose Luis Rodriguez Zapatero on Thursday did not exclude the possibility of Lukoil taking a stake in Repsol. The opposition had expressed concern over the possibility of a company from outside the European Union controlling part of the strategic energy sector. Industry Minister Miguel Sebastian said the government wanted to keep Repsol Spanish.
