June 18, 2013
Repsol-YPF shares edge down in Madrid
Shares of Spain-based firm Repsol-YPF fell sharply in Madrid today plunging 2.47 percent yesterday, to 15.05 euros (US$19.66) each, underperforming the benchmark Ibex index, which was down 1.77percent.
Repsol’s president Antonio Brufau is accusing Argentina of mounting a concerted effort to drive down the value of its Argentine division to expropriate it at a “bargain” price.
Brufau says the firm will mount a legal fight against the nationalization bid. Spain’s government is also defending Repsol amid deteriorating relations with Argentina.
Brufau says YPF is worth US$18.3 billion, and he valued Repsol’s stake at US$10.5 billion.