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Argentine government preparing legal framework to grab YPF from Spain’s Repsol

Thursday, March 1st 2012 - 04:34 UTC
Full article 35 comments

The government of President Cristina Fernandez is preparing the legal framework to take control of Spain’s Repsol-YPF subsidiary in Argentina which it has accused of not investing sufficiently and has triggered a round of discussions with the Spanish corporation’s top official, reports the Buenos Aires media. Read full article

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  • Think

    To Repsol

    We told you….:
    Don’t mess with our Toot Toot
    http://www.youtube.com/watch?v=8ipI2qnUGuQ&feature=related

    Mar 01st, 2012 - 07:47 am - Link - Report abuse 0
  • Beef

    Nice advert to attract inward investment hey Think. Should win you another friend in the EU.

    Are you happy that your gvt is taking you into another economic collapse?

    Mar 01st, 2012 - 07:55 am - Link - Report abuse 0
  • GreekYoghurt

    As FDI gradually approaches zero, YPF is stolen off the Spanish, who still support Argentina a great many issues. Well done Spain, you played your cards well that time.

    Mar 01st, 2012 - 08:10 am - Link - Report abuse 0
  • Xect

    This article makes for cringe-worthy reading, its quite unbelievable to even contemplate stealing another countries company.

    Nothing good can come from this.

    Mar 01st, 2012 - 08:15 am - Link - Report abuse 0
  • GreekYoghurt

    @4 It'll make the Spanish think twice about who they buddy up to, next time. That's surely a good thing.

    Mar 01st, 2012 - 08:30 am - Link - Report abuse 0
  • Think

    TWIMC

    Yes; I’m very happy that my government is buying this form of ”Unproductive Inward Investment” out of my Country.

    I hope common sense prevails and our new YPF (old acronym for National Oil Deposits, btw.) will be shaped after the Norwegian Statoil model, where ~90% of all revenues directly benefit the Norwegian People.

    Does any “Economy and Oil Expert” in here has any critic or objection against Statoil?

    Heja Norge!

    Mar 01st, 2012 - 08:33 am - Link - Report abuse 0
  • Frank

    Can't be bothered looking it up but I imagine 90% of the Norwegian oil is exported so there is an inflow of money into Norway ( without oil the norgees would still be eating cod tongue and making a living from the non existent herring).

    100% of YPF oil is/would be consumed in Argentina... therefore any taxation would be a rob peter / pay paul sort of a deal.

    This of course ignores the percentage that C.F.K Bucketcrunt de Lubralips and her cronies would steal... that would take it from neutral to negative benefit.....

    Mar 01st, 2012 - 09:34 am - Link - Report abuse 0
  • Teaboy2

    I very much doubt Argentina can actually legally take over the company without paying the full market price to share holders, but also at the previous share value prior to speculation of the take over, or they face being accused of market manipulation. Also Spain will likely take legal action against argentina or possibly other actions to prevent argentina getting control or having their take over invalidated, or not recognised as legitmate in international markets.

    We all know argentina legislators like to make up their own laws, but if they did go ahead with the take over, they will get little back from it and simply do not have the money to provide the investment needed for argentina to actually benefit from it. In otherwords, they will have bought a dead duck.

    Mar 01st, 2012 - 09:37 am - Link - Report abuse 0
  • Bombadier Spoon

    I think the RGs have done something similar to this before but with a different sector. I think it was something to with the airlines???????

    Can't believe this is legal. What is Spain saying about all this? Argentina is getting above its station. Some one needs to go over there and wind their necks in. I'm sick to death of hearing how CFK and co think how hard done by they are, preaching to the world as though it owes them. Reall fucking tired of this now. Sorry for the bad language but please someone put CFK in her place and by that I mean the kitchen.

    Actually that was a little sexist by me there. AArrhhh screw it. Probably the only thing she is good for. I bet you could train her to make a delicious Irish stew and dumplings.

    Mar 01st, 2012 - 09:58 am - Link - Report abuse 0
  • Frank

    if its dumplings you are looking for you can't go past Nigela...

    I doubt if K.F.C Bucketcrunt de Lubralips can even cook the books properly

    Mar 01st, 2012 - 10:03 am - Link - Report abuse 0
  • GreekYoghurt

    @7 LOL at cod tongue. It's the truth though.. You're quite right though, the motivation behind getting hold of YPF is simply to allow 'la cábala' to get their hands on some extra funds. It'll never end up assisting the argentinian economy.

    @8 “face being accused of market manipulation” >> all the argies know is marketplace manipulation.

    Other than that, I don't speak spanish, so I'm not poor and I'm not Argentinians therefore I'm not a Nazi, which makes the world quite good for me.

    Mar 01st, 2012 - 10:47 am - Link - Report abuse 0
  • British_Kirchnerist

    #9 Yes it is sexist, but at least honestly so and with tongue slightly in cheeck, two advantages over most of the hating on here. As for the main debate I think its about time for this to happen, with control over its own resources Argentina can build a firm foundation for further development. Another coup de grace for the beautiful princess of peace progress and prosperity =)

    Mar 01st, 2012 - 11:47 am - Link - Report abuse 0
  • GreekYoghurt

    ”Another coup de grace for the beautiful princess of peace progress and prosperity =)”

    Mar 01st, 2012 - 11:57 am - Link - Report abuse 0
  • Conqueror

    Typical argie action. Theft!!

    Mar 01st, 2012 - 11:59 am - Link - Report abuse 0
  • malen

    I hope that no happens
    we are already loosing money with aerolíneas
    they should know they have to invest more

    Mar 01st, 2012 - 12:00 pm - Link - Report abuse 0
  • GreekYoghurt

    I want to know what the Spanish are doing about this?!? Actually, it's quite likely they're doing nothing, because of course they're sat around drinking sangria and working 3 hour days and eating some dried meat.

    Mar 01st, 2012 - 12:24 pm - Link - Report abuse 0
  • Xect

    I think this could be very well the straw that breaks the camels back between Spain and Argentina.

    Mar 01st, 2012 - 12:27 pm - Link - Report abuse 0
  • GreekYoghurt

    @17 It would be if Spanish people actually got back from their 6 hour lunch and read their emails during their 3 hour working day rather than just checking themselves out in the mirror.

    It'll be weeks before they know what's going on in Spain.

    Mar 01st, 2012 - 12:35 pm - Link - Report abuse 0
  • yankeeboy

    Didn't I predict this last week? Scare off investors stock price plunges Arg “buys” at low price. This is their pattern of nationalization and it is all legal because they make it legal by Prez decree if necessary.
    It is very stupid, Arg has no $, knowledge or experience to explore or extract o/g. The companies finances will be looted, they they need the extra U$2B it might stave off default another month, maybe.

    6. You are such a tool, compare a well run honest country to your filthy corrupt country? Statoil to YPF give me a break! Yeah if Argentina was run like Norway all would be well. You know it is run like Venezuela and PDV, in 3yrs after nationalization all the worthwhile employees will be working in Canada or Africa, all the machinery will be failing and the reserves will be depleted. Do you seriously want that? You really can't be that dumb but I think you are.

    Mar 01st, 2012 - 01:10 pm - Link - Report abuse 0
  • The Cestrian

    Astonishing behaviour by everyone's favourite President.

    Why would any company worth a hill of beans trade or base themselves in Argentina knowing that you will be raped and pillaged when the going (inevitably) gets tough for them economically.

    The Argentine Government must literally be living hand to mouth now. Its the only angle you can put on it.

    Desperate times for them it seems.

    Mar 01st, 2012 - 01:51 pm - Link - Report abuse 0
  • jerry

    If it is taken over, expect another success the same as the airlines and train successes by CFK.

    Mar 01st, 2012 - 02:58 pm - Link - Report abuse 0
  • laceja

    The idea that the gov't of Argentina would pay “fair market” price for YPF is so laughable, I'm surprised anyone would be fool enough to suggest it. Of course, they'll pay to buy out the shares, but CFK and her crooked cronies will have already driven the share price into the ground. Nevertheless, anyone with half a brain knows the company will be raped by those in power and Argentinos will get basically screwed. They might as well bend over now. I smell more blood in the water for Argentina. Sure hope it doesn't spill over to Chile and Uruguay.

    Mar 01st, 2012 - 03:13 pm - Link - Report abuse 0
  • GreekYoghurt

    @19 You did predict this last week, and as far as I can tell it's panning out pretty much as you predicted. You get +30 Argpoints.

    Mar 01st, 2012 - 04:25 pm - Link - Report abuse 0
  • zulu99

    So, she's a collagen-filled female (I think) Argentinian version of Chavez? I'm sure that will work out really well for them.....

    Mar 01st, 2012 - 04:43 pm - Link - Report abuse 0
  • British_Kirchnerist

    #16 You really are a racist shit, aren't you?!
    #24 Well everyone who isn't so up themselves with hate for her and support for the 1% think she's one of the most beautiful women in the world

    Mar 01st, 2012 - 05:13 pm - Link - Report abuse 0
  • GreekYoghurt

    @25 what's so racist about knowing that Spaniards and the Spanophone folks do little or no work, work very short days and have huge lunch breaks that take nearly all day? It's well known. That's half the reason their economy is so screwed. The greeks have exactly the same problem plus they don't like paying any taxes, which is why they're about to default.

    That's just realism, not racism.

    Mar 01st, 2012 - 05:51 pm - Link - Report abuse 0
  • British_Kirchnerist

    What's wrong is its just not true, for example its been shown that Greeks work on average 6 0r 7 hours more a week than the European average, yet get stereotyped as lazy anyway by ignorant, economically illiterate racists like you. Viva Cristina, long live the 99% =)

    Mar 01st, 2012 - 06:14 pm - Link - Report abuse 0
  • GreekYoghurt

    @27 Now we all know that's not true. Even this 'research' (http://www.economywatch.com/in-the-news/guess-which-EU-country-puts-in-the-longest-hours-at-work.09-12.html) claims the greeks work long hours, claiming 43.7 hours (EU Average 41.6). However, this research is riddled with every type of social acceptance bias available to mankind. If you walk around in Greece asking people how many hours they actually work and how much tax they pay, they'll tell you something you want to hear. The reality is they pay little-to-no tax and do only a few hours. Spain is better because they actually pay tax.

    Then you have to consider that they all like to retire at 35 on 100% of their base salary and you suddenly start to realise why their economy is crocked.

    That's just reality, and sadly you don't seem to like reality.

    Mar 01st, 2012 - 07:09 pm - Link - Report abuse 0
  • ElaineB

    @25 “Well everyone who isn't so up themselves with hate for her and support for the 1% think she's one of the most beautiful women in the world”

    Seriously, you should be running a fanzine not commenting on a news blog. And even if she were beautiful what the heck has that got to do with her ability to run a country? Sexist much.

    Mar 01st, 2012 - 08:29 pm - Link - Report abuse 0
  • xbarilox

    @ 27 Are you Ogara? British-Kirchnerist? lol Come back to Argentina please, stop embarrassing us.

    Mar 01st, 2012 - 08:42 pm - Link - Report abuse 0
  • The Cestrian

    Looks like the theft of the company is a goer:

    http://en.mercopress.com/2012/03/01/argentine-government-preparing-legal-framework-to-grab-ypf-from-spain-s-repsol

    Mar 01st, 2012 - 10:51 pm - Link - Report abuse 0
  • BenC30

    If I was Repsol and knew the Argentinian government were doing this, I would rather destroy all assets of YPF, rather than let them be taken over by a corrupt government of a banana-republic!

    Mar 01st, 2012 - 11:11 pm - Link - Report abuse 0
  • British_Kirchnerist

    #29 No its not sexist to defend my beautiful queen from a hater who calls her barely female. Its funny you see this as a sexist comment rather than all the hate spewed out against her on this site. And it is relevant to this news site; even you quote my reference to biased 1% supporters, which I also consider you to be. And its not so much that being beautiful makes her a good leader, but the fact she is also a very great leader makes her, to a politicised man like me, even more beautiful =)

    Mar 04th, 2012 - 05:21 pm - Link - Report abuse 0
  • jerry

    Beauty is in the eye of the beholder. Thank heavens that I cannot stand to look at her.

    Mar 04th, 2012 - 11:26 pm - Link - Report abuse 0
  • Tigre2000

    Hey “Beef” unlike Greece, Argentina is the country that climbed back into an economic boom in just a few years, your just piss weak and full of envy because England is full of debt and has mass social problems not to mention a corrupt media outlet.

    Mar 05th, 2012 - 09:52 pm - Link - Report abuse 0

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