{"id":1895,"date":"2008-09-25T11:51:18","date_gmt":"2008-09-25T11:51:18","guid":{"rendered":"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/2008\/09\/25\/repsol-premiers\/"},"modified":"2012-07-12T09:11:37","modified_gmt":"2012-07-12T09:11:37","slug":"repsol-premiers","status":"publish","type":"post","link":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2008\/09\/25\/repsol-premiers\/","title":{"rendered":"Repsol: premiers pas vers une refonte du paysage p\u00e9trolier europ\u00e9en?"},"content":{"rendered":"<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; <strong><span style=\"font-size: 1.4em\">D<\/span><\/strong>ans un march\u00e9 o\u00f9 l&rsquo;activit\u00e9 globale est nulle ou d\u00e9croissante, la th\u00e9orie \u00e9conomique nous apprend que le nombre d&rsquo;acteurs \u00e9conomiques actifs sur ce march\u00e9 a tendance avec le temps \u00e0 d\u00e9cro\u00eetre, en raison de la disparition des Groupes les plus faibles ou de processus de fusions entre \u00e9gaux. L&rsquo;histoire du secteur des Soci\u00e9t\u00e9s p\u00e9troli\u00e8res nous confirme que cette r\u00e8gle s&rsquo;applique. Il est n\u00e9cessaire de consid\u00e9rer le seul march\u00e9 accessible par les p\u00e9troli\u00e8res non gouvernementales, comme un domaine d&rsquo;activit\u00e9 qui globalement se r\u00e9tr\u00e9cit \u00e9norm\u00e9ment, en particulier dans l&rsquo;amont le plus rentable, d&rsquo;exploration et de production. Il n&rsquo;y a donc pas de raison que ce ph\u00e9nom\u00e8ne de concentration, conjoncturellement ralenti par la croissance des prix du p\u00e9trole depuis 5 ans, ne reprenne pas son cours (<a href=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/consolidation-d.html_.png\">LIRE<\/a>).<a href=\"http:\/\/clabedan.typepad.com\/photos\/uncategorized\/2008\/09\/25\/repsol200809.jpg\"><img loading=\"lazy\" decoding=\"async\" height=\"385\" alt=\"Repsol200809\" src=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/repsol200809.jpg\" width=\"480\"  \/><\/a> <\/p>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; Aujourd&rsquo;hui c&rsquo;est Repsol, class\u00e9e <u>huiti\u00e8me p\u00e9troli\u00e8re ind\u00e9pendante au monde<\/u>, qui est sur la sellette. L&rsquo;espagnol du BTP Sacyr Vallehermoso qui s&rsquo;est illustr\u00e9 par des strat\u00e9gies boursi\u00e8res douteuses en France et qui souffre cruellement de la conjoncture immobili\u00e8re en Espagne doit vendre les 21% qu&rsquo;il d\u00e9tient dans REPSOL qui ne vaut plus que 25 milliards d&rsquo;euros, depuis la baisse r\u00e9guli\u00e8re de son cours \u00e0 la Bourse de Madrid, en passant \u00e0 moins de 20 euros au mois de Septembre (FIG.). <\/p>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp; D&rsquo;apr\u00e8s le journal espagnol l&rsquo;Expansion (<a href=\"http:\/\/www.expansion.com\/edicion\/exp\/empresas\/es\/desarrollo\/1168731.html\">LIRE<\/a>) les groupes p\u00e9troliers Total et Royal Dutch-Shell exploreraient la possibilit\u00e9 de prendre une minorit\u00e9 de blocage dans Repsol en rachetant \u00e0 la fois les 20% du capital d\u00e9tenus par Sacyr et les 12,7% d\u00e9tenus par l&rsquo;espagnole La Caixa. Il faut aussi savoir que l&rsquo;assureur AXA d\u00e9tient 4,2% et Barclays 3,2% de la p\u00e9troli\u00e8re espagnole. Cette information serait en tous cas coh\u00e9rente avec les d\u00e9clarations r\u00e9centes du patron de Total, C. de Margerie, qui affirmait envisager de nouvelles acquisitions.<\/p>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; Une offre publique sur cette partie de REPSOL, qu&rsquo;elle aboutisse ou pas, ne se ferait s\u00fbrement pas \u00e0 20 euros l&rsquo;action. Il y a donc l\u00e0 une formidable occasion pour \u00e9talonner la valeur r\u00e9aliste des groupes p\u00e9troliers mondiaux. Une op\u00e9ration v\u00e9rit\u00e9 des prix qui devrait se situer \u00e0 au moins 50% au dessus des cours actuels, pourrait tirer vers le haut l&rsquo;ensemble des cours des actions p\u00e9troli\u00e8res, anormalement d\u00e9cot\u00e9es.<\/p>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;En attendant sur la nouvelle Total baisse de 1,4% et RDSA perd 1,6%.<\/p>\n<p>Le 25 Septembre 2008.<\/p>\n<p>&#8211;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; Dans un march\u00e9 o\u00f9 l&rsquo;activit\u00e9 globale est nulle ou d\u00e9croissante, la th\u00e9orie \u00e9conomique nous apprend que le nombre d&rsquo;acteurs \u00e9conomiques actifs sur ce march\u00e9 a tendance avec le temps \u00e0 d\u00e9cro\u00eetre, en raison de la disparition des Groupes les plus faibles ou de processus de fusions entre [&hellip;]<\/p>\n","protected":false},"author":341,"featured_media":10279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1895","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualites"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Repsol: premiers pas vers une refonte du paysage p\u00e9trolier europ\u00e9en? - leblogenergie.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2008\/09\/25\/repsol-premiers\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Repsol: premiers pas vers une refonte du paysage p\u00e9trolier europ\u00e9en? - leblogenergie.com\" \/>\n<meta name=\"twitter:description\" content=\"&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; Dans un march\u00e9 o\u00f9 l&rsquo;activit\u00e9 globale est nulle ou d\u00e9croissante, la th\u00e9orie \u00e9conomique nous apprend que le nombre d&rsquo;acteurs \u00e9conomiques actifs sur ce march\u00e9 a tendance avec le temps \u00e0 d\u00e9cro\u00eetre, en raison de la disparition des Groupes les plus faibles ou de processus de fusions entre [&hellip;]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/repsol200809.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Raymond Bonnaterre\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2008\/09\/25\/repsol-premiers\/\",\"url\":\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2008\/09\/25\/repsol-premiers\/\",\"name\":\"Repsol: premiers pas vers une refonte du paysage p\u00e9trolier europ\u00e9en? 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