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Repsol Seeks Class-action Suit Against Argentina In New York Court

MADRID -(Dow Jones)- Spanish oil firm Repsol YPF SA (REP.MC) said Wednesday it had filed a lawsuit against Argentina in a court in New York after the country nationalized the company's local unit. In the suit--which Repsol is pursuing in the name of other YPF shareholders as a class--Repsol claims among other things that Argentina failed to comply with YPF bylaws because it didn't offer to buy all of YPF's outstanding Class D shares as it acquired of a controlling stake in the company. Repsol is seeking compensatory damages. The suit comes after Repsol initiated other proceedings related to the expropriation of 51% of YPF SA (YPF), Argentina's leading oil-and-gas company, leaving Repsol with 6.4%. Earlier this week, the oil company said it had notified Argentina that it is contesting the government's compliance with an investment protection agreement. The notification is a first and necessary step to face-off with the Argentine government at the World Bank's International Centre for Settlement of Investment Disputes. The arbitration center will be responsible for resolving the dispute if the Argentine government and Repsol don't reach an agreement in six months. -By Ilan Brat, The Wall Street Journal, +34-91-395-8125, ilan.brat@wsj.com

Stock News for Y P F Sociedade Anon (YPF)
DateTimeHeadline
07/25/201416:20:19Argentine Delegation to Return Home
07/25/201415:53:21Argentine Delegation to Return Home After Debt Talks Fail to...
07/24/201406:05:55Repsol 2Q Profit Jumps on Capital Gains
07/23/201412:57:14Repsol Says Studying Different Upstream Transactions, Including...
06/10/201421:30:21Argentina To Expand Oil & Gas Investment Incentives
06/03/201418:38:46Mexico's Pemex To Sell 7.9% of Its Stake in Spain's Repsol...
05/14/201405:00:05Repsol Builds War Chest with Bond Sale
05/09/201415:22:24Repsol To Sell YPF Compensation Bonds It Received from Argentina
05/08/201404:33:18Repsol 1Q Profit Rises 27% Partly from Divestment Gains
04/24/201405:30:05Repsol Says Argentina Approves Compensation Deal
04/24/201404:59:40Repsol Says Argentina Parliament Approves Compensation Deal
04/10/201418:17:20Chevron Signals It Will Continue Argentina Shale Investments
03/10/201417:42:18ADR Shares End Lower; Petrobras Shares Active
03/07/201417:52:49Argentina's YPF Boosts Fourth-Quarter Profit by 88%
02/20/201419:28:33Repsol, Argentina Expected to Sign Settlement Over YPF Shortly...
02/18/201412:22:40Argentina's YPF Working on Shale Deal With Malaysia's Petronas
02/14/201413:44:45Apache President Plank Retires, Leon Named Finance Chief
02/12/201419:33:09Apache to Sell Argentina Operations to YPF for $800 Million...
02/12/201417:48:17Apache to Sell Argentina Operations to YPF for $800 Million
01/06/201416:56:49ADR Shares Close Lower; YPF, Telefonica Shares Active

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