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Mexican billionaire Slim holds 8.4% of re-nationalized YPF shares

Friday, June 15th 2012 - 03:26 UTC
Full article 12 comments
Carlos Slim promised to invest a billion dollars in Argentina this year Carlos Slim promised to invest a billion dollars in Argentina this year

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.

Top Comments

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  • Marcos Alejandro

    I will like to hear Mexican president Calderon complaining now.

    Jun 15th, 2012 - 03:37 am 0
  • Fido Dido

    He won't Marcos, Mr Calderon is a corrupt figure and suck up to Mr Slim the lebanese and will never challenge him. Mr Calderon talks tough, but is a puppet in that corrupt cesspit, named Mexico.

    Jun 15th, 2012 - 06:34 am 0
  • JoseAngeldeMonterrey

    Fido, Marcos,

    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.

    Jun 15th, 2012 - 10:23 am 0
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