Shares of YPF oil company traded on the New York Stock Exchange today lost nearly a third of its value, aggrieved by the decision of the President of Argentina, Cristina Fernandez, to expropriate 51% of the assets of the company, controlled by the Spanish Repsol.
American Depositary Receipts (ADR) of YPF, the financial instruments required to foreign entities to register their shares on Wall Street, today resumed trading on the New York Stock Exchange after two days suspended, and closed the session with a strong drop $6.39 (32.72%) to $ 13.12.
So far this year, these ADRs have lost 62.17% of its value in the main financial center in the world, most after Buenos Aires announced on Monday his decision to nationalize the oil company YPF, which has seen in the last 12 months its titles tumble 70.2% in New York.
The collapse on Wall Street today joined the starring for oil in Argentina, where its shares fell 28.66% in the Stock Exchange of Buenos Aires, coinciding with the approval of opinion in the Senate to enable the discussion of the government project for the expropriation of 51% of its shares.
The agency risk measurement Moody’s downgraded on Tuesday the note gives YPF in global and local currency to “B3″ from “Ba3″, both in the territory of “junk bond” and the national scale rating to ‘Baa3 “(approved under) from” Aa2 “(outstanding).
The Argentine Government today set up an audit of the company under government intervention announced on Monday, a process that will guarantee the jobs of workers in the company, who asked their help in “normal and efficient development” of their activities.
Across the Atlantic in Madrid, the Spanish government said it wants the next Council of Ministers of Foreign Affairs of the European Union (EU) carrying out a resolution to the World Trade Organization (WTO) practices in Argentina.
The Spanish authorities are also working on a new package of measures in the field of energy, industry and trade, which is expected to be adopted on Friday during the Council of Ministers, in response to the Argentine government’s decision to initiate the expropriation of YPF .
For now, the European Commission has canceled the meeting that his delegation had to keep next week with entrepreneurs from Argentina to promote mutual investments for lack of a suitable climate following the announcement of the expropriation.
Argentina’s President Cristina Fernandez on Monday ordered the immediate intervention of the oil company YPF and sent to Congress a bill to expropriate 51% of company shares held by Repsol.