Two Repsol-Appointed Gas Natural Board Members Resign
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 email@example.com
(END) Dow Jones Newswires
February 23, 2018 02:01 ET (07:01 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.