February 25, 2014 / 8:00 PM / 4 years ago

Repsol to seek Argentina compensation approval March 28

MADRID, Feb 25 (Reuters) - Spain’s Repsol said on Tuesday it would seek shareholder approval at its March 28 annual general meeting for a $5-billion-euro settlement with Argentina over assets seized in 2012.

The oil company said in a statement to Spain’s stock market regulator it would also seek approval to buy back up to 2.05 percent of its capital, with a maximum investment in the share buyback of 500 million euros ($687 million).

Repsol will ask investors to sign off a new approval structure for any planned separation of its upstream and downstream businesses. It proposes that such a plan would need to be approved by at least three quarters of board members, and then submitted for shareholders’ approval.

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