BUENOS AIRES / MADRID, 11 Feb. YPF believes that the federal judge's ruling of first instance in the city of Bell Ville, located in Argentina's Cordoba province, which blocks the sale of shares of the company is "inadmissible, unlikely and unreasonable ", so it will appeal the measure. In a note sent to the supervisor of the Argentine market, the CNV, the subsidiary of Repsol YPF says "take the right actions in assisting him in order to reverse the measure ordered by the judge, estimated irrelevant, improbable and unreasonable" .
It also ensures that the judicial decision of the magistrate Armando Valentinuzzi "completely ignores the regulatory framework governing the ESOP and the jurisprudence of the Supreme Court of Justice of the Nation." The Judge's decision is the imposition of precautionary measures that prevent the sale of shares in the company, pending the settlement of a lawsuit brought by nearly 25,000 members of the federation of former employees of YPF.
The ruling revives a case that dates back more than a decade and had been the subject in 2001 of a decision of the Supreme Court of the Nation, which was ratified one of the National Labor exonerating YPF on the claims of former employees and was considered solely responsible for the Argentine state.
Repsol is undergoing a process of selling shares of YPF. In 2007 and launched its plan to divest a stake of up to 49% of YPF, which froze the economic crisis until late last year sold a 5% to two institutional investors and the SEC announced its intention Americans to discard 15% of the capital.
Currently, the capital of YPF is distributed at a rate of 79.84% to Repsol, a 15.46% for the Petersen Group and 4.69% of 'free float'. On Wednesday, the board of directors of the subsidiary Argentina held a board of directors in which, among other things, it was decided to register in the U.S.
market supervisor brochure F-3 for the sale of new shares. 
It also ensures that the judicial decision of the magistrate Armando Valentinuzzi "completely ignores the regulatory framework governing the ESOP and the jurisprudence of the Supreme Court of Justice of the Nation." The Judge's decision is the imposition of precautionary measures that prevent the sale of shares in the company, pending the settlement of a lawsuit brought by nearly 25,000 members of the federation of former employees of YPF.
The ruling revives a case that dates back more than a decade and had been the subject in 2001 of a decision of the Supreme Court of the Nation, which was ratified one of the National Labor exonerating YPF on the claims of former employees and was considered solely responsible for the Argentine state.
Repsol is undergoing a process of selling shares of YPF. In 2007 and launched its plan to divest a stake of up to 49% of YPF, which froze the economic crisis until late last year sold a 5% to two institutional investors and the SEC announced its intention Americans to discard 15% of the capital.
Currently, the capital of YPF is distributed at a rate of 79.84% to Repsol, a 15.46% for the Petersen Group and 4.69% of 'free float'. On Wednesday, the board of directors of the subsidiary Argentina held a board of directors in which, among other things, it was decided to register in the U.S.
market supervisor brochure F-3 for the sale of new shares.
- UPDATE 1-Argentina's YPF to resume Patagonia oil operations (18/12/2010)
- Argentina's YPF borrows $250 mln for variety of projects (23/12/2010)
- Argentina's YPF plans $300 mln global bond sale (05/11/2010)
- Eskenazi May YPF Stake in YPF as Early as Next Month (17/11/2010)
- Eskenazi May Boost YPF Stake as Early as Next Month (17/11/2010)
No comments:
Post a Comment