CVC and Repsol target Royal Dutch/S

According to reports, CVC Capital Partners will assist Repsol, the fifth largest European oil company, in becoming the world's largest liquid petroleum gas distributor. This would occur if the combined E2.5bn bid for Royal Dutch/Shell Group's LPG unit is accepted. The two groups are said to have already agreed on the splits of equity and money provided; CVC will supply between 70-80% of the money for a 40% stake, while Repsol will be responsible for the running of the company with a majority stake of 60%. If the bid is successful, Repsol's annual LPG production will shoot from 3.2 million tonnes to around 7.2 million tonnes.

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