Repsol to propose 1 euro/share special dividend

MADRID: Spanish oil major Repsol plans to seek board approval on Wednesday to distribute 1.3 billion euros ($1.8 billion) to shareholders in the form of a one-euro-per-share special dividend, the El Pais newspaper reported on Monday, without citing sources. Repsol declined to comment.

The company has raised over $6 billion in recent weeks after selling Argentine bonds and its remaining stake in YPF, completing its exit from the country following the 2012 expropriation of a majority stake in YPF.

This month Repsol said it would use funds to buy exploration and production assets but also left the door open to paying a special dividend or buying back its own stock.

Its monthly board meeting is on Wednesday.