Brufau will have the support of the Council without closing the crisis
The Board of Directors of Repsol will ratify and confirm in his position as President to Antonio Brufau, who with this objective urgently convened the meeting.
However, market opinion is that this extraordinary meeting will not bring peace in the Council and, in particular, to achieve Sacyr Vallehermoso accept business strategy that has launched its President. The current tension concerned members of the Council include representatives of La Caixa, the entity that promoted to the post of President to Brufau.
La Caixa will support Brufau at the extraordinary Council, but he did get the message that it is necessary to relieve the tension on a rapprochement with Luis del Rivero, President of Sacyr Vallehermoso. However, the agreement is not easy.
Brufau defends his strategy aims to invest in the growth of the company support in some areas, as exploration and production, which in recent times has achieved important discoveries. The problem is that the development of this area requires significant investments Luis del Rivero, whose company is especially needed financial resources that could contribute in the form of dividends, Repsol sees not appropriate.
Until now, Brufau has been imposing their business strategy with the warm support of La Caixa and the votes of the independent directors. Sacyr, from its Chairman, has not concealed its claim that Repsol make cash, selling any division or looking for partners for the development of others, to ensure that the dividend that is shared between the shareholder is greater than the fixed at the last meeting of the tense Board of Directors.
In circles of the Board of the company commented yesterday the possibility of that La Caixa, after his support for Brufau, request the President of Repsol and the President of Sacyr Vallehermoso an effort to try to reach an agreement. You would in any case, request both parties committed to not put up any initiative that make public the Division of the Council. La Caixa position in this conflict is fundamental and some analysts suggest that his lack of decision is which is giving rise to be extended and unravel every day more. Apparently, La Caixa supports all endpoints to Brufau, however, continuously suggests the need for parties to conflict to reach an agreement.
All parties recognize that there have been meetings between La Caixa and Sacyr in recent days, although each reports of them very differently. For some it was a first shot contact to find replacement of Brufau; for others only served to transmit a message of support to the President of Repsol; and for a third party, was only an opportunity to appeal to the negotiation without conflicts. La Caixa, certainly holds the key to meeting this morning and conflict.
La Caixa will support Brufau at the extraordinary Council, but he did get the message that it is necessary to relieve the tension on a rapprochement with Luis del Rivero, President of Sacyr Vallehermoso. However, the agreement is not easy.
Brufau defends his strategy aims to invest in the growth of the company support in some areas, as exploration and production, which in recent times has achieved important discoveries. The problem is that the development of this area requires significant investments Luis del Rivero, whose company is especially needed financial resources that could contribute in the form of dividends, Repsol sees not appropriate.
Until now, Brufau has been imposing their business strategy with the warm support of La Caixa and the votes of the independent directors. Sacyr, from its Chairman, has not concealed its claim that Repsol make cash, selling any division or looking for partners for the development of others, to ensure that the dividend that is shared between the shareholder is greater than the fixed at the last meeting of the tense Board of Directors.
In circles of the Board of the company commented yesterday the possibility of that La Caixa, after his support for Brufau, request the President of Repsol and the President of Sacyr Vallehermoso an effort to try to reach an agreement. You would in any case, request both parties committed to not put up any initiative that make public the Division of the Council. La Caixa position in this conflict is fundamental and some analysts suggest that his lack of decision is which is giving rise to be extended and unravel every day more. Apparently, La Caixa supports all endpoints to Brufau, however, continuously suggests the need for parties to conflict to reach an agreement.
All parties recognize that there have been meetings between La Caixa and Sacyr in recent days, although each reports of them very differently. For some it was a first shot contact to find replacement of Brufau; for others only served to transmit a message of support to the President of Repsol; and for a third party, was only an opportunity to appeal to the negotiation without conflicts. La Caixa, certainly holds the key to meeting this morning and conflict.
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