YPF shares rise 3.18 percent in New York after confirming the expropriation
YPF’s shares are traded on the New York Stock Exchange today, up 3.18% one day after the parliament approved by a overwhelming majority of the oil expropriation Spanish group Repsol.
Ecuador shortly before the day on Wall Street, American Depositary Receipts (ADR) of YPF, the financial instruments required to foreign entities to register their shares on the floor New York, rose 45 cents to $ 14.60 each.
The rise in shares of YPF in New York adds to the day that carried the titles of the oil in the “Bolsa de Comercio de Buenos Aires”, where they opened the session with an increase of 3.11%.
The Chamber of Deputies of Argentina on Thursday became the expropriation law after an extraordinary meeting that began Wednesday.
The law expropriates 51 percent of the shares of Repsol YPF and the Spanish group’s shares in YPF Gas, and declares national public interest and “priority” achieving self-sufficiency in hydrocarbons.
The vote ends the process started last April 16 when the president of Argentina, Cristina Fernández ordered the intervention of YPF announced the dispatch of the expropriation bill to Congress.
In just over two weeks the government managed to speed up the processing in the Senate, which last week won a comfortable victory which confirmed that the proposal would be ratified later in the House.
At the time of his speech, was owned by Repsol YPF (57.43%), the Petersen Group (25.46%) and the Argentine (0.02%), and the remaining 17.09% was quoted in Buenos Aires and New York.
Now, 51% of the shares expropriated from Repsol is divided between the Argentine government, which will keep the 51% and the oil provinces, who will assume the remaining 49%.
Category: Stock Market Trading
