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.

This content is for Subscribers only

Context News

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.

Email a friend

Please complete the form below.

Required fields *