Repsol Marks Argentina Exit With $1.3 Billion YPF Stake Sale

Repsol SA sold almost all its remaining stake in Argentina’s YPF SA, marking a final break with the company two years after the government seized 51 percent of the country’s leading oil producer. YPF stock jumped.

Repsol sold 12 percent of YPF through Morgan Stanley for $1.26 billion, realizing a pretax gain of $622 million, the Madrid-based company said in a statement today. Spain’s largest oil company, which reports first-quarter earnings tomorrow, retains a stake of less than 0.5 percent after the disposal.