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Total and Shell study buying Repsol stakes-paper

Thu Sep 25, 2008 2:49am EDT

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MADRID, Sept 25 (Reuters) - French oil giant Total (TOTF.PA) and rival Shell (RDSa.L) are studying buying the 20 percent stake in Repsol (REP.MC) of building group Sacyr Vallehermoso (SVO.MC), financial daily Expansion reported on Thursday, without citing its sources.

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The pair is also considering buying the stakes of other shareholders in the Spanish energy group, including the 12.7 percent stake of Spanish savings bank La Caixa, it said.

Buying the Sacyr and La Caixa stakes would oblige any buyer under Spanish law to launch a full takeover bid.

Neither Shell nor Total would comment on the report.

The Spanish government has indicated it would look favourably on Total taking over Repsol, Expansion cited sources close to discussions on the issue as saying.

Earlier this month, Sacyr said it could sell its stake as it struggles with a sinking property market and soaring financial costs. (Reporting by Sarah Morris; Editing by Paul Bolding)

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