Argentine Government Decides to Take Over YPF, Pagina 12 Says
Argentina’s government has decided to take over YPF SA (YPFD) and is debating whether to expropriate the oil company or buy a stake and control its management, Pagina 12 reported, citing officials it didn’t identify.
Whichever solution is chosen, the government will need the approval of Congress, the Buenos Aires-based newspaper said.
The government has been angered by YPF’s policy of paying out all its profits in dividends, at a time when the state is looking to boost investment and lift oil production, Pagina 12 said. The oil company’s largest shareholder is Spain’s Repsol YPF SA with 57 percent.
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