Repsol to sell more shares in Argentine unit

Spanish oil company Repsol said on Monday it plans to sell an additional up to 7.1 percent of its Argentine YPF unit through a public share offering.

Earlier, Repsol said it was selling 3.83 percent of YPF to a group of investors for US$639 million, or US$42.4 per share, about 22 percent below its last closing price. Lazard Asset Management will buy 2.9 percent of YPF, while the remaining shares will be bought by other unnamed investors, the company added in a regulatory filing earlier today.

At a presentation in February, Repsol said it planned to sell up to 49 percent of YPF as it seeks to focus on less mature market