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ignoore

ignoore
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  • YPF (YPF) jumped 8.9% in AH trading yesterday after Carlos Slim disclosed he had bought an 8.4% stake in the Argentinian oil-and-gas firm. The purchase is a vote of confidence for YPF in the aftermath of its forced nationalization last month.  [View news story]
    Uncle Pie is right: Carlos Slim did not buy the shares but received them when the Argentine Ezkenazi family defaulted on a loan securitised by YPF shares. The origins of this loan are fascinating: the Eskenazi's (the CEO of the old YPF) essentially bought 25.6% of YPF on borrowed money to be repaid through future dividends. (Why can't I ever get a deal like that!). The Eskenazi's did not make the late May repayments so some /all (?) of their 25.6% share has been distributed to creditors - including Repsol, and clearly Mr Slim.
    Jun 15 02:16 PM | Likes Like |Link to Comment
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