Argentina Seizes Top Soy Exporter in New ‘Statist Vision’
- Government seeks Congress nod to expropriate bankrupt Vicentin
- Oil driller YPF to absorb Vicentin in state commodities giant
Photographer: Diego Giudice/Bloomberg
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Argentine President Alberto Fernandez dipped into the play book of his deputy, Cristina Fernandez de Kirchner, with a plan to seize crop trader Vicentin SAIC, ringing alarm bells in the farming industry and among investors in the country.
His government will take control of Vicentin for the next 60 days as it seeks congressional approval to expropriate the agricultural powerhouse, which filed for bankruptcy last year after being caught out in currency swings. Vicentin is a key player in a strategic industry, Fernandez said.