repsol sa-sponsored adr (REPA) Snapshot

Repsol, S.A. (CATS:REP) has denied rumors that it plans to sell its 30% stake in Gas Natural SDG SA (CATS:GAS), news agency Europa Press said. Repsol has no intentions to dispose of the stake and has not contracted any banks to study the possible sale, Europa Press quoted unnamed sources from Repsol as saying.

Repsol, S.A. (CATS:REP) is planning to sell a part or all of its 30% stake in Gas Natural SDG SA (CATS:GAS), people with knowledge of the talks said. Repsol engaged two investment banks to explore its options for the stake, and the banks contacted several European utilities to gauge interest in a potential purchase, these people said.

Acting Attorney General John Hoffman and Department of Environmental Protection (DEP) Commissioner Bob Martin announced that several principal defendants in the Passaic River litigation have agreed to pay the state $130 million to resolve a portion of the state's claims related to contamination of the Passaic River. The settling defendants are Repsol, S.A, YPF, S.A., YPF Holdings, Inc. and YPF International, as well as CLH Holdings, Inc., Maxus Energy Corporation, Maxus International Energy Company and Tierra Solutions, Inc. The agreement follows a recently-announced $35.4 million proposed settlement with 258 third-party defendants and, if approved by the court, will allow the state to immediately proceed with its claims against the principal defendant, Occidental Chemical Corporation (OCC), for the bulk of the state's damages and future costs. The proposed settlement was presented on Friday to Superior Court Judge Sebastian P. Lombardi in Newark and Special Master Marina Corodemus. Since the state and the settling defendants technically remain in litigation, the state cannot comment on the terms of the proposed agreement. Going forward, the state intends to pursue its liability claims against the one remaining non-settling principal defendant, Occidental Chemical Corporation, for all future clean-up and removal costs related to contamination of the Passaic River. It also will pursue OCC for damages resulting from the intentional discharge of Agent Orange, dioxins and other hazardous substances by the former Diamond Shamrock plant. These costs and damages are separate from, and in addition to, the $130 Million received from the settling defendants.