(Bloomberg) – Argentina must give up its controlling stake in signature energy company YPF SA within two weeks after a New York judge sided with litigators in a $16 billion judgment.
Judge Loretta Preska gave Milei’s government 14 days to surrender 51% of the company’s shares to a global custody account, from which they’ll be transferred to plaintiffs, former shareholders suing Argentina over its 2012 nationalization of YPF.
Argentina’s sovereign bonds and YPF shares both dropped after Monday’s ruling. Shares for Burford Capital, which is leading the litigation, saw their New York-traded shares soar more than 20% before paring gains.
Pic.: A drilling rig shown in the Vaca Muerta shale region of Argentina. Image: YPF
I was in high school in Buenos Aires when I had an idea for a special oil additive and decided to sell it to YPF. In the main office - a monumental building in El Centro - nobody deigned to talk to me, and I was asked to submit a written proposal. Which I did, and they never answered me. Still, 63 years later, I retain the impression of that enormous organization, Argentina's largest company.
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