Timeline of Key Developments

MARCH 1, 2012

Pemex changes the terms of the strategic alliance, saying it will keep its stake between 5% and 10% for just one year, with the option to reduce its stake and dissolve the alliance after this time.

JANUARY 25, 2012

Pemex and Repsol sign a strategic industrial alliance, valid for ten years, where Pemex promises to own more than 5% of Repsol’s shares, but never more than 10%.

JANUARY 8, 2012

Suárez Coppel announces that Pemex might look to increase its stake in Repsol to more than 12% in order to gain an extra seat on the board, or alternatively might look to decrease its shares to around 6%, bringing its shares in line with its current one-seat board representation

DECEMBER 20, 2011

Sacyr sells half of its 20% stake back to Repsol for US$3.4 billion in order to refinance its debt, and also calls o the syndication of its voting rights with Pemex

DECEMBER 7, 2011

Indian refining company Essar meets with Pemex to announce its intention to buy 10% of Sacyr’s stake in Repsol.

OCTOBER 27, 2011

Suárez Coppel is replaced on Repsol’s board by a representative of Pemex’s international arm in Spain

OCTOBER 17, 2011

Luís del Rivero, Sacyr’s chairman, is ousted from his position in a boardroom coup

OCTOBER 7, 2011

Suárez Coppel says it is ‘ridiculous’ that over 30 years of partnership with Repsol has not paid o

SEPTEMBER 28, 2011

Repsol changes its bylaws to preclude rivals from holding positions on its board

AUGUST 29, 2011

Pemex increases its stake in Repsol from 4.88% to 9.5%, costing the company US$1.6 billion. Pemex and Sacyr sign a shareholder agreement to syndicate their voting rights in Repsol. Their combined stake is just under 30% of the company, the level at which, under Spanish law, the pair would be forced to make an oer for the rest of the company. A joint statement from Pemex and Sacyr calls for the Chairman and CEO positions at Repsol to be separated.

2006

Sacyr takes a €5 billion loan to increase its stake in Repsol to 20%

1979

Pemex is one of the founders of Spanish company Repsol