Why Repsol (REPYY) Stock Closed Lower Today

NEW YORK (TheStreet) -- Shares of Repsol SA (REPYY) closed down -0.68% to $26.37 on heavy trading volume after Pemex, Mexico's state oil company, said it sold most of its stake in Spanish oil and gas company for 2.09 billion euros ($2.9 billion) today, and plans to unload the rest soon, ending a quarter-century partnership and freeing up cash to invest in its own energy sector, Reuters reports.

Pemex sold 7.86% of Repsol to unspecified private investors at 20.10 euros each, a 3.7% discount to the company's closing price on Tuesday. The Mexican company later said it aimed to sell its remaining 1.4% stake in Repsol in August, Reuters said.

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