Business

Mexico's Pemex sells majority of its Repsol stake

Repsol oil refinery Image copyright Getty Images
Image caption Pemex has been a Repsol shareholder for over 25 years but the relationship has recently soured

Mexico's state-owned oil giant Pemex has sold the majority of its stake in Spanish energy firm Repsol for approximately 2.2bn euros ($3bn; £1.8bn).

Pemex has been a shareholder in Repsol for more than 25 years.

But the relationship has been under pressure since 2011 when Pemex backed a failed bid by Spanish construction group Sacyr to take control of Repsol.

And recently Repsol appointed a chief executive not supported by Pemex.

Pemex, which is Repsol's third-biggest shareholder, sold 104 million shares, or 7.9% of Repsol's total market share.

The sale was revealed in a regulatory filing by Repsol.

Mexican President Enrique Pena Nieto is due to make his first official visit to Spain next week.

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