US Justice Saves Argentina to deliver state -owned YPF actions while evaluating funds

Supporters of the oil nationalization Bill aceen with flags that say: ‘Fight and return to YPF’, in front of Congress in Buenos Aires, Argentina, on April 25, 2012. AP/Natacha Pisarenko A Court of Appeals from New York accepted, on Friday (15), the request of the Argentine government to suspend the delivery of 51% of YPF. The decision is valid while the appeals related to the judgment that requires the country to indemnify two companies affected by the petronhoiro statue are analyzed. YPF is a state -owned petrochemical company called in 2012 during the management of then -President Cristina Kirchner. 📱 Bake the G1 app to see real -time and free news at the time, Argentina took over 51% of YPF shares, then partially controlled by the Spanish Giant Repsol, which received $ 5 billion in compensation two years later ($ 10.2 billion in the period). Minority shareholders, such as Petersen Energía and Eton Park Capital, did not receive compensation, which led them in 2015 to file a lawsuit claiming that the country did not perform the Public Acquisition Offer (OPA) provided for by law. After deciding against Argentina in September 2023, the US Federal Judge Loretta Preska ordered on June 30 that the Argentine state delivered 51% of YPF shares. The measure, according to the decision, was intended to guarantee “partially” the payment of US $ 16.1 billion (R $ 86.8 billion) to two companies that held 25.4% of the oil company before nationalization. Argentina appealed the decision and requested the suspension of the Presok order, a request accepted on Friday by a court of appeals in New York. “After the appropriate consideration, by this, it is ordered to accept the suspension motions and that the orders of the District Court of June 30, 2025 are suspended while resolving the appeals,” he ordered in his order Catherine O’Hagan Wolfe, secretary of the Second Manhattan Circuit Court. President Javier Milei’s management celebrated the decision. In a statement, the government stated that the measure “guarantees that the Argentine Republic maintains the majority participation of the national state in the company while the appeal advances.” The court order “does not affect the course of the merits appeal against the judgment issued in September 2023,” he added. ‘War das Bartadas’: Why actor Ricardo Darín became the target of Milei

Source link