MercoPress. South Atlantic News Agency
“Public interest” draft bill taking over 50.01% of YPF in Argentine congress
Argentine president Cristina Fernandez has sent a draft bill to her lawmakers in Congress that would allow the government to take a controlling stake in local oil and gas giant, YPF SA at the expense of its two largest shareholders, newspaper Clarin reported Thursday. Read full article
Comments
Disclaimer & comment rulesAre we to assume that the compensation will be paid in Argentine pesos only?
Apr 13th, 2012 - 12:46 pm - Link - Report abuse 0Given this news I would expect the share price to plummet and CFK et al to set a further 'discount' to them before they even offer compensation. And I agree it will be in Argie Pesos at the 'official rate'.
Apr 13th, 2012 - 12:56 pm - Link - Report abuse 0The idiots really do not understand business at all, especially operating an oil and gas extraction / processing one.
Perhaps Chavez has been telling the Mad Bitch what he did to 'improve' the output: and look at where he got the Venzuelans!
I am happy and glad Argentina is standing tall on national security, there are many other nations who should fallow the example and protect their country from corporate theft.
Apr 13th, 2012 - 01:44 pm - Link - Report abuse 0utterly utterly furked neo-venezuela is utterly utterly furked.
Apr 13th, 2012 - 02:02 pm - Link - Report abuse 0Haha at Pirat - How is this national security?
Apr 13th, 2012 - 05:55 pm - Link - Report abuse 0I think a more appropriate sentence would be 'Argentina once more performs daylight robbery'
This has nothing to do with corporate theft, YPF complied with all Argentine laws and contracts, it was Argentina that then demanded something different.
In effect the Argentine government are attempting to steal a company.
Hence the reason foreign investment is down by over 70% since 2010. You don't invest in economies whereby the government will steal your investment/company to make some money.
CFK & Co are worse than ameteurs. At least Ameteurs would get some professional advice about running a country. A bunch of children would have a better idea of economics.
Apr 13th, 2012 - 06:55 pm - Link - Report abuse 0Taking over of 50.01% of YPF is just good for Argentina and legal as well. Brazil has done the same with Petrobras. It's not robbering, it's a legal procedure based on constitution of many serious countries.
Apr 13th, 2012 - 07:53 pm - Link - Report abuse 0Fred no matter what you call it, its still theft.
Apr 13th, 2012 - 08:37 pm - Link - Report abuse 0Its forcibly taking over a company when the legal owners have no intention of selling the company, you can bet the payout will be grossly unfair as well.
As for the constitution Argentina is busy creating one that suits its current needs.
If you can't see that the company was purchased and managed under existing laws, met all of its obligations, even sold resources at ridiculously low rates and then on the whim of the current corrupt government found it was under a merciless attack destroying its share price and then the government decide to push new laws through the legal system (well if you can call it that) to steal the company off its owners would you feel that is fair?
And now you may start to see why foreign investors are fleeing the country and having a big negative effect on the economy as money disappears and with no international lending to speak of outside of the WCB its in a lot of trouble.
And as if it can't get any worse, the required funding from the world bank is now getting veto'd by many countries with the US heading up the charge.
Chocolate anybody? Chillax everyone! CFK has everything under control, if she can eat chocolate and keep her line she must be doing something right, don't you think?...people here are too dramatic.
Apr 13th, 2012 - 11:46 pm - Link - Report abuse 0Haha Pirat, yes everything is going swimmingly well.
Apr 14th, 2012 - 10:19 am - Link - Report abuse 0I mean its not like most of the major countries of the world are moving Against Argentina and its trade policies is it?
... seem to remember that the Argentinian government already has a Golden Share in RepsolYPF's preferential shares.
Apr 14th, 2012 - 12:55 pm - Link - Report abuse 0This 'should' make take-over unnecessary.
What is *really* needed is (financial/policy) encouragement by the government to re-accelerate RepsolYPF's exploration/winning/refining/selling.
What is NOT needed is nationalisation. Many of us have seen (and felt) the stultifying effects of government/unions c.f. private industry's levels of production and efficiency.
'Milch cow' and 'social need' always depress nett profit .... a nett profit from which a *broad-based* national regeneration can flow.
An economy re-energises by putting things in, not taking things out .... and - even at this late date - this is in the gift of the government.
Put the 'business environment' back in place, and good things could happen
I can't believe that a serious website like mercopress takes clarin as a source, it's a very big mistake, clarin isn't reliable anymore since more than 4 years ago. In fact that soposed bill was denied by the government, it was just one more mediatic and politic operation. Beyond the hate that you feel for us, you can't buy so easily many of the rubish that is published in some newspapers which have never cared about arg., which have always supported all the dictatorships and have a push of power with c. f. k's government , because her administration took some of the important bussiness that they had.
Apr 14th, 2012 - 03:26 pm - Link - Report abuse 0The state must intervene in ypf, and it's not just a national cause, i's actually a strategic decition, becasue private enterprizes won't never do enough inverstments, they wil just continue sending remitances to their countries and no more, ypf's privatization is one the hardest remoras that we still have since the decade of the 90's, and c. f. k's administration, including nestor's too, took wrong decitions respecting ypf, the state should have intervened many years ago, this is one of the critics that i have alwways done to the government, beyond the fact that support many of the decitions that the it took.
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