Friday, August 15, 2014

Billionaire Soros buys 3.5 stake in YPF

Billionaire Hungarian-American George Soros.

Billionaire hedge-fund titan George Soros has acquired more than 8.47 million depositary shares of Argentina’s YPF, a move that accounts for 3.5 percent of the energy company.

Loading up on Argentina’s oil producer, Hungarian-American Soros has become the firm’s fourth largest shareholder.

Back in 2012, President Cristina Fernández de Kirchner submitted a bill to Congress to discuss the expropriation of a 51 percent stake in YPF from Spain’s Repsol, a project that was signed into law in May that year bidding farewell to the Spanish firm’s 15 years of business – facing fierce accusations of ‘disinvestment’ by national authorities – in Argentina.