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Slim downplays meaning of YPF shares deal: “it was the exercise of a financial guarantee”

Tuesday, June 19th 2012 - 23:23 UTC
Full article 8 comments
Nevertheless Carlos Slim Domit said that YPF is a good long-term investment Nevertheless Carlos Slim Domit said that YPF is a good long-term investment

Carlos Slim Domit, son of tycoon Carlos Slim who recently acquired 8.4% of the shares of YPF oil company, confirmed on Monday that their arrival “was not a share purchase but the exercise of a financial guarantee,” which they have been working on in the last four years.

The heir of the world’s richest man (according to Forbes Magazine) stated that “our presence in YPF is not as it was presented in Argentina.”

The Argentine administration confirmed the information on Friday as a strategic purchase made by Slim and President Cristina Fernández considered it as “good news.”
“It was not a purchase, but we exercised the guarantees which were held by the banks, after Grupo Petersen (which belongs to the Eskenazi family) failed to pay a loan given to them in order to enter into YPF” he explained.

Last week it was announced that one of Slim’s companies bought 8.4% of YPF shares, according to the information provided by the oil company, 51% of whose shares was seized by the Argentine state from the Spanish company Repsol last April.

The Mexican businessman stated it is “a long-term investment in one of the most relevant companies of the hydrocarbon sector in Latin America” and he pointed out that the company has a “big potential.” The price tag was 343.9 million dollars.

“In Argentina it was shown as a purchase within the new structure of the company, but we have been working on this for four years,” said Slim Domit.

Top Comments

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  • Simon68

    As usual Kretina miente.

    Will she never learn that lies always come home to roost!!!

    Jun 19th, 2012 - 11:32 pm 0
  • Self Determination

    CFK hails this as “good news” and a major investment in YPF.Basically Slim has been forced to take over the debt default of Eskanazis Petersen Group.
    Slim has distanced himself from CFK's statement. The woman is a liar.

    Jun 20th, 2012 - 05:23 am 0
  • Xect

    Shock horror CFK lies again.

    CFK's entire career and time in power is built off nothing but pure lies and misinformation.

    Just another day in office for CFK and the Argentine people.........

    Jun 20th, 2012 - 06:26 am 0
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