Repsol board approves $5B settlement from Argentina for YPF

|About: Repsol S.A. ADR (REPYY)|By:, SA News Editor

As expected, Repsol's (REPYY, REPYF) board of directors approves a definitive $5B settlement from Argentina's government over assets seized when the country's majority stake in energy firm YPF was expropriated in 2012, ending a two-year battle for compensation.

Repsol will receive a package of three dollar-denominated Argentine sovereign bonds with a nominal value of $5B as well as additional bonds with a maximum face value of up to $1B to compensate for the market discount on the first group of bonds.

The deal still must be approved by Repsol's shareholders.