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|15 October, 2018

Mubadala says Cepsa will consider IPO when conditions are favourable

Cepsa announced it was not proceeding with its initial public offering and listing of its shares

An investor looks at stock information in front of an electronic display board at the Dubai International Financial Market March 21, 2010.

An investor looks at stock information in front of an electronic display board at the Dubai International Financial Market March 21, 2010.

REUTERS/Ahmed Jadallah

ABU DHABI  - Abu Dhabi's Mubadala Investment Co said on Monday its fully-owned Spanish oil firm Cepsa will consider returning to the market when conditions are favourable.

Cepsa on Monday announced it was not proceeding with its initial public offering (IPO) and listing of its shares on the Madrid, Barcelona, Bilbao and Valencia stock exchanges due to adverse market conditions.

"As a long-term investor, we will consider returning to the market when we believe conditions are favourable," Musabbeh al Kaabi, chief executive of Mubadala's Petroleum & Petrochemicals platform, said in a statement.

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(Reporting by Stanley Carvalho; editing by Jason Neely) ((stanley.carvalho@thomsonreuters.com; + 9712 6444431; Reuters Messaging: stanley.carvalho.thomsonreuters.com@reuters.net))