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Oct. 3 (Bloomberg) -- Novacaixagalicia, the Spanish savings bank that owns 8.75 percent of Sacyr Vallehermoso SA, urged Sacyr Chairman Luis Del Rivero to resolve his dispute with Repsol YPF SA, the bank said.
The lender’s representatives on the Sacyr board told Del Rivero ending the row was the best way to achieve its aims of increasing its income from Repsol dividends, a spokesman said. The board met Sept. 30 and carried on discussions today, Efe newswire reported.
A Sacyr spokesman didn’t return two calls seeking comment.
Repsol Chairman and Chief Executive Officer Antonio Brufau last week began the process of having Del Rivero kicked off the oil company’s board after Sacyr made an alliance with Petroleos Mexicanos to curb Brufau’s power. Sacyr, the biggest holder in Repsol, and Pemex said they want a CEO appointed alongside Brufau and to refocus the company on its main oil business.
The two companies own almost 30 percent of Repsol’s shares.
--Editors: Alex Devine, Stephen Cunningham
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