Spanish-Argentine energy firm Repsol is at the center of takeover speculation with Italian company Eni and UK-based BP reportedly interested in bidding, according to Spanish newspaper El Mundo.

The newspaper reported that both companies saw Repsol as a target after its share price fell recently and the expiry of the Spanish government’s golden share, a special holding ruled illegal by the EU.

The Madrid-based company is the dominant integrated oil and gas player in the country. A deal would give the owner access to the Spanish and Argentine markets, plus a stake in the new Gas Natural-Endesa company.

However, Spanish industry minister Jose Montilla said that a takeover would not go down well with the government. The minister told reporters that no government would be particularly excited about a takeover and added that a successful attempt was unlikely as the Argentine government still holds its own golden share.