Mexican billionaire Slim holds 8.4% of re-nationalized YPF shares
The family of Mexican billionaire Carlos Slim owns 8.4% of YPF shares, Argentina's recently re-nationalized oil and gas company said in a filing with the US Securities and Exchange Commission on Thursday.
Slim controls 32.9 million of YPF Class D shares, according to a regulatory filing today from the Buenos Aires- based company. Following the seizure of YPF, the stake composition was as follows: 26%, Argentine central government; 25%, Argentine oil producing provinces; 25.46% the Petersen group; 6.45% what was left of Repsol majority holdings and 17.9% in other private hands.
Argentine President Cristina Fernandez seized control of YPF from Repsol in April, accusing the Spanish oil company of collecting too many dividends and investing too little as well as making the country increasingly reliant on expensive imports.
Argentina's government said last year that Slim, the world's richest man, would invest 1 billion dollars in Latin America’s third largest economy by the end of 2012, mainly in the telecommunications sector.
The SEC filing said the Slim family's Inmobiliaria Carso and Grupo Financiero Inbursa held the shares.
“We think the company is solid and has good growth potential“ said Arturo Elias Ayub, spokesperson for the family interests in Argentina. ”In time, we will analyze our options,” he answered when asked if they plan to increase their stake in YPF.
YPF stock price hit 10-year lows earlier this week after the company said on June 5 that it would need to invest 7 billion dollars a year to boost flagging natural gas and oil output by more than a quarter by 2017.
Chief Executive Officer Miguel Galuccio, a former executive at global oilfield services company Schlumberger, said YPF would be looking for deep-pocketed partners to help find its ambitious plans to reverse the nation's energy deficit.
The Argentine government is anxious to tap shale reserves that may hold at least 23 billion barrels of oil equivalent in Neuquen.
Carlos Slim's America Movil is one of the world's biggest cell-phone providers, with 225 million wireless customers in countries stretching from the United States to Argentina.
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Calderon has opposed Slim's businesses in just about every industry, in television, Slim tried to create his own television station and was stopped by the federal anti-trust agency, in oil, in telephone.
Not that Mr. Calderon is fighting a big monopoly on his own, there are different industrial groups and interests in Mexico and Slim does not control everything, in fact both Fox and Calderon were supported by industrial groups challenging Slim.
As it is, Peña Nieto is also going to oppose Slim. Rare as it may seem, it is Lopez Obrador who acts as Slim´s puppet, his party has supported legislation to protect his monopoly.
All of Latin America is a corrupt cesspit, many members of Dilma´s cabinet have been caught on corruption charges, Argentina suffers from corrupted populism. In Mexico there have been transparency reforms too, so it is not the only country trying to fight corruption.
Carlos Slim, the richest man in the world since 2010, is well advised about Argentina……..:
“Carlos Slim, hired Juan Manuel Abal Medina as an adviser for his growing interests in Argentina, and in 2007, he was invited by outgoing Argentine President Néstor Kirchner to join the cabinet of his wife and successor, President Cristina Fernández de Kirchner.”
en.wikipedia.org/wiki/Juan_Manuel_Abal_Medina
You mentioned Lopez Obrador, wasn't him the candidate who got the elections stolen from him by Mr Calderon?
Monterrey o los Tigres?
Saludos
Monterrey!
Lopez Obrador never really proved the elections were stolen. He is a populist and a potential Hugo Chavez for Mexico, he lies often, too often, and he is always trying to be the victim of the system, dressed as a sheep, he is really an old wolf.
Many think he is a leftist, he is not. He is just an expriista of the old guard who wants to return to power.
The best chance for Argentina would be cooperation with the major oil companies to develop your offshore oil and gas industry.
Unfortunately the short sighted attitude of the Argentine government makes chances of investment, joint exploration and development unlikely.Brazil is the benefactor.
To tear up the hydro carbon agreement with the Falklands was a major mistake, the expertise for deep water drilling technology was developed in the North Sea by US,UK,Dutch ,French and Norwegian companies.
Its not too late to be nice to your Falklands neighbours, joint ventures and cooperation could transform your economy.
Nationalism and machismo is counter productive. Argentina is being left behind.You are paying a fortune for LNG imports.
I always read from you all kind of sh*t about Argentina-
I´m sure Carlos Slim for you is an idiot because invest in YPF.
Don´t worry about OUR shale: I think companies such Exxon, TOTAL, Petrobras, will be able to invest whit us-
What about people in Malvinas? to be nice whit who?you, expoliators guys, whit your truchas companies? No thank you-
We pay fortune yes.... and we want to change that-
Regards-
Due to the default of the Eskanazis Petersen group,Carlos Slim has been forced to buy these shares as collateral for the original loan.It is not an investment of his choice.As YPF shares are at a 10 year low he might even make money out of it.
Your government is putting a very positive spin on this “investment”.(not like them eh?)
Where is the other $35 billion coming from?
There is no doubt Argentina has huge shale oil reserves, the problem is the investment required ,building wells quickly enough, to pay for your energy imports.Repsol has also been forced to buy another 6% against their wishes and will have a seat on the YPF board.
I think you will find Petrobas has heavy financial commitment to their own offshore industry , and encouraging foreign investment from China,US, Europe. It looks a safer place to invest.
I hope YPF succeeds with its 5 year plan, if it does I will congratulate you.I will watch with interest.
The people of the Falklands /Malounes just want to live in peace with their neighbours just as they did in 1982.Stay warm.
Saludos.
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