YPF (YPF +10.5%) shares are jumping on news Carlos Slim has taken an 8.4% stake in the Argentine...

YPF (YPF +10.5%) shares are jumping on news Carlos Slim has taken an 8.4% stake in the Argentine energy company, but Street Insider says the billionaire's stake may not be all it seems. Slim's stake could somehow be tied to loan defaults following the YPF nationalization; otherwise, it just "doesn't make sense" that Slim would buy into a nationalized company.
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Comments (2)
  • Jeremy Johnson, CFA
    , contributor
    Comments (775) | Send Message
    It is probable he bought the shares at perhaps a significant discount to the market price in a privately negotiated transaction with Citigroup et al surrounding a loan to a prominent Argentine family that also formerly managed YPF.


    15 Jun 2012, 01:25 PM Reply Like
  • siamesepeter
    , contributor
    Comments (13) | Send Message
    May I throw some light to your comment? First of all let me tell you that I live in Buenos Aires, Argentina and I am most carefully following everything and anything related to YPF. The "prominent argentine family" you mention in your comment is Mr. Eskenazi and his sons;
    apparently you do not know several things about this "family". Ever since the Kirchners came into power this family was practically broke. Somehow, Eskenazi Senior became a banker, and nobody has been able to pinpoint the fact of WHERE, IN GOD'S NAME DID HE GET THE MONEY FROM? Answer: he became a great friend of Kirchners who had to do something with 500,000,000 u$s which they had collected in lieu of "profits" in YPF. Which then the Eskenazi managed to invest in some "off-shore" bank. The whole country is trying to find these 500 million dollars, to no avail. The Eskenazi family miracoulously became millionaires without having invested 5 cents of their own, because they were absolutely broke, yet they suddenly bought two provincial banks, which were also broke. The real truth: the Kirchners and the Eskenazi, plus several other "friends" represent what we call the -"mafia of the pinguins"
    15 Jun 2012, 04:03 PM Reply Like
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