Kuwaiti Bid for Stake in Spain's CEPSA Refining Group

It has been confirmed in Madrid that talks between a major Spanish refiner Compania Espanola de Petroleos (CEPSA) and the Kuwait Investment Office (KIO) regarding the latter's purchase of a 15% share in CEPSA are well advanced but have now run into difficulties over the financial terms of the deal.

It appears that an initial agreement regarding the acquisition of the share was signed around two months ago. But since that...