Spain: heads are rolling
Article Abstract:
The new Spanish government may attempt to replace Oscar Fanjul as chairman of Repsol, the national petroleum concern. The government holds large stakes in many companies, and is able to replace appointees from the previous government. This has already begun. Fanjul is respected internationally as an excellent manager, and Repsol's share price could fall if he were removed. The government holds a 10% stake in Repsol and may have reached an agreement with other major investors in Repsol to change the management.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1996
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Bosses bite the dust
Article Abstract:
Oscar Fanjul has been removed as chairman of Repsol for political reasons. Repsol is a government-owned Spanish petroleum concern and his removal is part of a wave of changes in heads of companies brought about by the new government, and has occurred despite admiration for Fanjul's role in the company. The company's shares dropped as a result of Fanjul's departure. Investors are not enthusiastic about the government's interference in these companies and some have reduced their exposure to Spain.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
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