Deals
Abu Dhabi Scraps Oil Refiner Cepsa's IPO as Investors Balk
- Final price for share sale was due to be decided tomorrow
- Deal was expected to be Europe’s largest oil IPO in a decade
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Abu Dhabi shelved plans for an initial public offering of a 25 percent stake in Spanish oil refiner Cepsa as investors balked at the valuation amid a stock market rout.
“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 final price for the IPO was set to be decided Tuesday.