Argentina moving forward on YPF takeover
BUENOS AIRES -- Cristina Fernandez de Kirchner said Monday her administration will send a proposal to its Congress to expropriate 51% of shares of YPF, the country's largest oil company and holder of mega-shale finds in the southern part of the country.
According to the proposal, Repsol would retain 51% of YPF, while the minority share of 49% would go to oil-producing provinces, a local news outlet reported.
YPF shares were trading down more than 12% at midday Monday in New York.
YPF has been under intense pressure from the Argentina government to increase its investment and output in the country as the nation fights declining production and an increase in costly imports.