Two Repsol-Appointed Gas Natural Board Members Resign
February 23 2018 - 2:16AM
Dow Jones News
By Alberto Delclaux
Gas Natural SDG SA (GAS.MC) said that two of its board members
appointed by shareholder Repsol SA (REP.MC) had resigned, following
the agreement reached earlier in the day by the oil-and-gas company
to sell its 20% stake in the utility to Rioja Bidco
Shareholdings.
The resigning board members were Repsol Chief Executive Josu Jon
Imaz San Miguel and Chief Financial Officer Miguel Martinez San
Martin, Gas natural said late Thursday. That leaves one
Repsol-appointed member, Luis Suarez de Lezo, who is also general
counsel and secretary to Repsol's board.
In addition, Repsol has proposed the appointment of Inigo Alonso
de Noriega Satrustegui and Guillermo Llopis Garcia to replace the
vacancies, according to Gas Natural.
Under the current shareholders' agreement between Repsol, Global
Infrastructure Partners and CriteriaCaixa, the first two can
appoint three board members and the latter can appoint four.
The stake sale of Repsol to Rioja Bidco, which is controlled by
CVC Capital Partners and Corporacion Financiera Alba, is dependent
on a new agreement in which the incoming shareholder will appoint
the three board members previously allocated to Repsol.
Write to Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
February 23, 2018 02:01 ET (07:01 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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