Repsol: no word from Argentina on YPF takeover

Spain's Repsol: Argentina hasn't notified of plans to wrest control of YPF unit

Associated Press
Summary Box: Spain warns Argentina in oil dispute
.

View photo

People fill the tanks of their vehicules at an YPF station in Buenos Aires, Argentina, Thursday, April 12, 2012. Spanish Industry Minister Jose Manuel Soria has warned that the government will interpret any "hostile gestures" against Spanish companies abroad as an act of aggression, in an apparent reference to a conflict with Argentina over an oil company controlled by Spain's Repsol. YPF, which is 57 per cent owned by Repsol, has rejected Argentine government pressure to plough some of its profits back into the South American country.(AP Photo/Natacha Pisarenko)

MADRID (AP) -- Spanish energy company Repsol says it hasn't received any official notice from Argentina on the government's plans to take control of its South American unit YPF.

Repsol YPF SA said in a statement to Spanish security regulators that "it has not received any notification from the (Argentine) authorities related to its stake in its subsidiary YPF SA."

Repsol made the announcement Friday — hours after Argentina President Cristina Fernandez met with members of her government to plot next moves regarding YPF.

The company's stock slumped 1.5 percent to €17.70 per share Friday morning in Madrid.

YPF is Argentina's largest company. Fernandez's government has accused Repsol of paying too much in profits and not investing enough in exploration and production.

Rates

View Comments (1)