After approval on October 13, 2006 by the European Commission, Banco Santander Central Hispano (Santander) sold 4.35% of Cepsa’s share capital to Total at a price of €4.54 per share, for a total transaction amount near to €53 million.
The transaction follows the agreement signed on August 2, 2006 by Total and Santander to implement the provisions of the partial award rendered on March 24, 2006 by the Netherlands Arbitration Institute, which adjudicated their dispute concerning Cepsa.
As a result Total now holds 48.83% of Cepsa.
Total and Santander will ask the arbitral tribunal to terminate the arbitration proceedings.
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