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Repsol, Argentina's YPF Reach $5.0 Billion Settlement
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Argentina has agreed to pay $5 Billion to the Spanish Company Grupo Repsol for its controlling stake in the oil company YPF, according to a report by the Associated Press.
Two years ago YPF was nationalized by president Cristina Fernandez, without any compensation paid to Repsol beforehand. Repsol demanded $10.5 Billion in compensation.
The settlement was approved on Thursday, April 25 2014 by a vote in Argentina’s legislature.
Repsol's board and shareholders have accepted the award, though less than half of what the company's 51% stake was worth.
Repsol has agreed to take no legal action against YPF and to cease threats to sue investors in the Vaca Muerta shale deposits, discovered under Repsol.
Argentina had justified the seizure of Repsol's stake in YPF as being due to insufficient…
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