Awwal 13, 1432 H/Feb 16, 2011, SPA -- Abu Dhabi's state-owned International Petroleum Investment Company (IPIC) will take over Spain's Cepsa, the Spanish oil company said Wednesday. IPIC is buying the 48.8 per cent stake held by France's Total in Cepsa for 3.7 billion euros (5 billion dollars), dpa quoted Cepsa as telling the stock market watchdog CNMV. The purchase will bring IPIC's stake in Cepsa to 95.9 per cent, obliging it to launch a bid for the remaining Cepsa shares. Cepsa is Spain's second-largest oil company after Repsol. It is active in countries including Spain and Portugal - where it manages 1,750 petrol stations - Egypt, Algeria, Brazil, Canada, Colombia and Panama. Cepsa employs about 12,000 people worldwide.
