YPF shares fall 18 percent in New York after notice of expropriation
Shares of YPF oil company traded on the New York Stock Exchange fell 18.27% today after the president of Argentina, Cristina Fernandez, declared subject to expropriation for 51% of the assets of that company, controlled by the Spanish Repsol .
Shortly before the afternoon trading on Wall Street, American Depositary Receipts (ADR) of YPF, financial instruments required to foreign entities to register their shares on the NYSE, lost $ 4.01 to $ 17.94 exchanged for each .
So far this year, these ADRs have lost 48.13% of its value in the New York Stock Exchange, while in the last twelve months is 60.27% fall.
The crash occurred after the president of Argentina finally confirmed today that declares the public interest and subject to expropriation for 51 percent of the assets of YPF, the largest South American country’s oil, in a bill sent to Congress today.
Specifically, actions expropriated 51% will come under control of the Argentine government and the remaining 49% is distributed among the provinces.
YPF owned 57.43% by Repsol and 25.46% by the Argentine group Petersen, has seen in recent weeks six Argentine provinces fifteen revoked licenses to operate and two warned her to increase their investments in threat to cancel operating licenses.
On the other hand, shares of Repsol traded on secondary markets in New York about this time fell 1.32% to be exchanged for $ 22.48, so that from January accumulate a decrease of 25.86%.
Category: Investing
