MercoPress, en Español

Montevideo, December 22nd 2024 - 17:55 UTC

 

 

Brazilian bank purchases 3.6% stake in nationalized YPF

Wednesday, June 20th 2012 - 06:19 UTC
Full article 3 comments
Itaú-Unibanco has no purpose of increasing its stake Itaú-Unibanco has no purpose of increasing its stake

Brazilian bank Itaú Unibanco purchased a 3.6% stake in Argentina’s nationalized oil company YPF, an operation involving 157.8 million dollars.

In a communiqué sent to the Buenos Aires stock exchange YPF said on Tuesday that Itaú Unibanco through one of its affiliates in Grand Cayman last June 12 acquired a 3.609% stake in the company.

According to YPF, which last month was seized from Spain’s Repsol, the Brazilian bank said that its purpose “is not a greater share or to take control of the company”

The Itaú-Unibanco follows last week’s announcement by a subsidiary from the Mexican tycoon, Carlos Slim, Inbursa and Inmobiliaria Carso which acquired 8.36% of YPF’s shares for 340 million dollars.

The Argentine government took over a majority stake in YPF, 51%, from Spain’s Repsol following the congressional approval of a bill to that effect.

Likewise Repsol executed YPF shares in guarantee for unpaid credits from the Argentine group Petersen, thus increasing the Spanish group’s participation in the now nationalized oil and gas company to 12%.

In 2008 the Petersen Group was granted a loan of 1.018 billion dollars from a group of banks which included Crédit Suisse, Goldman Sachs, BNP Paribas and Banco Itaú Europa plus a further 1.015 billion dollars from Repsol to purchase 14.9% of YPF.

The Petersen group was chosen and sponsored at the time by the Kirchner couple (Nestor and Cristina) to take hold of a quarter of the company, thus increasing the local share of the iconic oil and gas corporation which is also Argentina’s largest. The Petersen group belongs to the Ezkenazi family, close friends of the Kirchners.

Repsol CEO Antonio Brufau is claiming 10 billion dollars in compensation for the seized 51% of shares, but the Argentine government has said it would not pay the sum claimed by the Spanish company.

Last June 5, YPF announced it is planning to invest 7 billion dollars per annum from 2013 to 2017 with the purpose of increasing reserves and extraction helping Argentina to overcome its growing fuels deficit that in 2011 soared to over 9 billion dollars.
 

Top Comments

Disclaimer & comment rules
  • Self Determination

    YPF has a market value now of only $4.5 billion.Dont know how Repsol are going to get $10billion compensation for 51%.
    Kirchners close friends Ankanazis defaulted on loan, after being chosen by the Kirchners to have 25% of the company.
    Meanwhile CFKs personal wealth has increased from $2million to $40million.............and shes still getting away with it.

    Jun 20th, 2012 - 07:38 am 0
  • British_Kirchnerist

    More good news =)

    Jun 21st, 2012 - 09:39 pm 0
  • Self Determination

    @2
    Taken your medication, or has the clinic run out?
    Big trouble coming to the “entourage of liars”.

    Jun 22nd, 2012 - 11:49 am 0
Read all comments

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!