As a result of state owning the private-run Argentine unit of Repsol SA (REP), the Spanish oil manufacturer lost $12.6 billion of market value this year. However, that was not all; the oil producer was given a set back after recent reports, which subjected that its biggest shareholder proposed to seek replacement for Antonio Brufau. The market value of Repsol has been reported to have slid by 34% this year.

CaixaBank (CABK), the Spanish bestower, which possesses 12.5% of Repsol in Madrid, asserted that they were not satisfied with the way Brufau handled the YPF expropriation. Hence, it discussed the issue with other shareholders and raised the aspect of replacing Brufau.

Brufau has served the company since 2004; he has held the position of company's chairman and chief executive officer, since then.

Stuart Joyner, an analyst at Investec Securities Ltd. in London, said, "Though Caixa is a big shareholder; other investors will be aggressively against removing Brufau. He's had issues that are outside of his control, and where he's had control he's done well".

Further, it has been asserted that since the month of June, Caixa has been focusing on seeking a substitute for the post of CEO and is also proposed the name of Juan Maria Nin, as an appropriate replacement for Brufau.