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Abu Dhabi Drops Cepsa Flotation

Plans for a flotation of Spain’s second-largest oil and gas group Cepsa have been dropped by its Mideast Gulf parent company. Abu Dhabi state-owned Mubadala – Cepsa’s sole owner – said October 15 it has now abandoned a plan, unveiled a month ago, to float at least 25% of Cepsa stock for sale and said that therefore its planned admission to the stock markets in Spain has been “postponed”.