Repsol About to Sell YPF Shares to Sinopec When Argentina Nationalizes YPF

choi

Miles Johnson, Jude Webber and Anousha Sakoui, Argentina's YPF Swoop Scuppered China Deal; Repsol tried to sell stake for $10bn. Financial Times, Apr 18, 2012 (front-page top article).

The first two paragraphs:

"Repsol tried to sell a controlling stake in its Argentinian oil company to a Chinese energy group for more than $10bn before it was nationalised by Buenos Aires, according to two people familiar with the secret talks.

"The attempt to sell its 57 per cent interest in YPF to the Chinese buyer, which one person involved identified as Sinopec, broke down after the Argentinian government announced on Monday [Apr 16] that it would expropriate 51 per cent of Repsol's holding. Repsol did not advise Buenos Aires of the discussions, which the Spanish group hoped to finalise before seeking formal endorsement from Cristina Fernadez, Argentine president.

My comment:
(a) There is no need to read the rest.
(b) YPF
http://en.wikipedia.org/wiki/YPF
(Yacimientos Petrolíferos Fiscales (YPF; Spanish for "Fiscal Petroleum Fields"); an Argentine oil company; Founded in 1922 by Enrique Mosconi; "YPF was privatized in 1993 and bought by the Spanish firm Repsol; the resulting merger in 1999 produced Repsol YPF"; stocks traded in Buenos Aires Stock Exchange; Headquarters  Buenos Aires)
(c) Headquarrtered in Madrid, Repsol was originally the acronym of "REfinería de Petróleos y eScombreras OIL."  Its founding, "1948: REPESA incorporation (English translation: oil refineries located in Escombreras) created for the installation of a refinery in the Valley of Escombreras (Cartagena)" where REPSA stands for "REfinería de Petróleos y Escombreras, Sociedad Anónima."

(i) For Sociedad Anónima, see SA (corporation)
http://en.wikipedia.org/wiki/S.A._(corporation)
(ii) Cartagena, Spain
http://en.wikipedia.org/wiki/Cartagena,_Spain
(a city; name origin: during Rome Empire known as Carthago Nova (the New Carthage), its Arabic name of Qartayannat al-Halfa)
(iii) Regarding Valley of Escombreras, Cartagena.

Phillip Bruce, Discovering Cartagena; Cartagena’s secret industrial wonder world. undated.
http://www.discoveringcartagena.com/secretindustrialworld.htm
("One of the most interesting places to visit in Cartagena never features on normal tourist itineraries.  This is the valley of Escombreras which is home to one of Europe’s biggest energy and chemical ports")