March 10, 2014
Repsol, Argentina reach $5 billion settlement deal
Spain's Repsol said today it would book a 1.28 billion euro ($1.76 billion) impairment charge in 2013 results after writing down YPF shares that were expropriated by the Argentine government.
In a regulatory filing, Repsol said it had revalued its YPF stake at $5 billion.
The revaluation will be approved next Tuesday at Repsol's Administration Council meeting, ending a conflict that lasted two years, as Cristina Fernandez de Kirchner's administration expropriated the company in April 2012.
Repsol Administration Council had already approved the figures after gatherings with Argentine officials in November 2013, but the exact amount was revealed today.