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Bloomberg
Abu Dhabi shelved plans for an initial public offering of a 25 percent stake in Spanish oil refiner Cepsa.
“Recent international economic developments have created uncertainty in international capital markets,†said Cepsa, which is controlled by Abu Dhabi’s state-owned Mubadala Investment Co. The offering would have valued Spain-based Cepsa at between 7 billion euros ($8.1 billion) and 8.1 billion euros.
Mubadala said it would consider reviving the IPO. “As a long-term investor, we will consider returning to the market when we believe
conditions are favourable,†Mubadala Chief Executive Officer Musabbeh Al Kaabi said in an emailed statement.
Cepsa’s is not first IPO cancelled this month. Vehicle manager LeasePlan Group NV scrapped 7.5 billion euro offer and Portugal’s Sonae SGPS SA called off the listing of its retail unit. HNA Group Co in April postponed a pla-nned share sale in its aircraft ground-handling company Swissport Group Sarl.