Abu Dhabi state investment vehicle Mubadala has called off plans to float 25% of its Spanish subsidiary Cepsa by end-2018. It only announced the plans on 17 September (MEES, 21 September).

A 15 October Cepsa statement blames “uncertainty in international capital markets” for the “delay.” “Recent market conditions deteriorated significantly,” Mubadala oil chief Musabbeh al-Kaabi says, adding that “we will consider returning to the market when we believe conditions are favourable.” (CONTINUED - 375 WORDS)