You Poor Fellows

15 June 2012 By Fiona Maharg-Bravo, Raul Gallegos

Mexican billionaire Carlos Slim is now the owner of 8.4 pct of state-snatched energy group YPF. Cristina Fernandez is touting this as a sign of support. Far from it – Slim wound up with the stake as a result of a defaulted loan. Still, with patience he could make a buck.

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Mexican tycoon Carlos Slim and his family now hold an 8.4 percent stake in Argentina’s recently renationalized energy company YPF. The shares were pledged as security for a loan the billionaire made that defaulted.

YPF said in a statement that the Slims had acquired 8.4 percent of the company’s shares, in what it called a “long-term investment.” A filing with the U.S. Securities and Exchange Commission had specified that the Slims own the 8.4 percent stake through ownership of the company’s Class D shares.

Argentina’s President Cristina Fernandez nationalized Repsol’s stake in the company, but several players are left with important stakes in the Argentine oil concern. Repsol still holds a 6 percent stake. And a number of banks including Credit Suisse, Itau, Goldman Sachs, Citigroup and BNP Paribas are also shareholders.

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