International law firm Freshfields Bruckhaus Deringer said it had advised French energy group Total on the sale of its 48.8 per cent stake in Spanish oil company Cepsa to Abu Dhabi's International Petroleum Investment Company (IPIC).

Freshfields Bruckhaus Deringer has its regional offices in Bahrain, Saudi Arabia and the UAE (Abu Dhabi and Dubai).

Abu Dhabi's sovereign wealth fund, IPIC, which already owns a 47 per cent stake in Cepsa, will launch a public takeover offer to acquire the Cepsa shares it does not own, said a statement from the law firm.

The offer price will be €28 per share, plus a dividend of €0.50 per share, resulting in an implied equity value of Cepsa of approximately €7.5 billion, it stated.

Total has agreed to tender its shares in the offer or, alternatively, subject to certain conditions, transfer them, at the same price, to IPIC outside the offer, it added.
 
Freshfields' team in Spain was led by corporate partner David Franco, supported by senior associate Rocío Escudero and associate Joe Amann.-TradeArabia News Service