Overview:

Summary

Repsol to Sell 3.3% Stake in YPF to Eton Park and Capital

On December 23, 2010, Repsol entered into an agreement with Eton Park Capital Management, L.P. (Eton Park), an investment company, and Capital Guardian Trust Company and Capital International, Inc., a subsidiary of The Capital Group Companies, Inc. (Capital), to sell 3.3% stake in YPF for a consideration of $500m.

Under the terms of the agreement, Eton Park and Capital, each will acquire 1.63% stake in YPF and each will pay $250m as a purchase consideration. Eton Park will also acquire warrants to purchase up to an additional 1.63% of YPF, exercisable until January 17, 2012 at $43 per share.

Following the transaction, the YPF’s ownership structure is Repsol Group (79.84%), Petersen Group (15.46%) and a 4.69% free float.

Repsol to Sell 2.9% Interest in YPF to Lazard Asset Management

On March 14, 2011, Repsol YPF S.A. (Repsol) agreed to sell approximately 11,415,094 shares, representing 2.9% interest in YPF S.A. (YPF) to Lazard Asset Management, LLC (Lazard), an international financial advisory and asset management firm, for a sale consideration of $484m or $42.4 per share, subject to adjustments in accordance with certain customary anti-dilution provisions.

Upon completion, Repsol Group holds 75.9% interest; Petersen Group holds 15.46% interest and 8.64% free float

Scope

- Rationale behind Repsol selling YPF to Lazard, Elton Park and Capital,
- Strategic Benefits for Lazard, Elton Park and Capital to look for exploration assets in South and Central America,
- Geography covered -Argentina

Reasons to buy

- Develop a sound understanding of the major M&A's, Partnerships, And Joint Ventures taking place in South and Central American industry,
- Identify the most lucrative segments to leverage on the growth oppurtunities available in the Argentina's oil & gas market,
- Get a detailed analysis of a deal to enable you to take better decisions.

1 Table of Contents 1
1.1 List of Tables 1
2 Repsol to Sell Interest in YPF to Lazard Asset Management, and Eton Park and Capital 1
2.1 Deal Overview 1
2.2 Deal in Brief 1
2.3 The Transactions Are A Part of Repsol’s Strategic Aim to Rebalance its Global Assets Portfolio 2
2.4 In 2010, Repsol Succesfully Implemented its Horizon 2014 Plan 2
2.5 Repsol is Divesting Some of its Assets as Part of its Horizon 2014 Plan 3
2.6 Deal Financials and Valuations 3
3 Appendix 5
3.1 Methodology 5
3.2 Contact Us 6
3.3 Disclaimer 6

1.1 List of Tables
Table 1: Repsol, Investments and Divestments, 2002–2010 2
Table 2: Repsol, Divestment Details, January 2010 – April 2011 3
Table 3: Companies Involved 3
Table 4: Financials of the Deal 4
Table 5: Target Information 4
Table 6: Acquirer Information 4
Table 7: Acquirer Information 4
Table 8: Acquirer Information 5
Table 9: Vendor Information 5