Repsol, Spain vow to fight YPF grab

Spanish officials: Industry minister Jose Manuel Soria, center, vows pushback against Buenos Aires move

Oil giant Repsol and Spain, its home country, fired back late Monday after Argentina’s government announced plans to expropriate 51% of the shares of YPF.

In a scathing statement, Repsol called the action "manifestly unlawful and gravely discriminatory."

"(The) public interest has in no way been justified and clearly contravenes the obligations undertaken by the Republic of Argentina during the privatisation of YPF, breaching the most basic principles of legal certainty and of reliance by the international investment community," it said.

The company vowed to explore "all pertinent legal actions to preserve the value of all their assets and the interests of all their shareholders" under national and international law.

Repsol, which has a 57% stake in YPF, also…

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