European Business Schools Librarian's Group

IESE Research Papers,
IESE Business School

No D/1055: Valuation of an Expropriated Company: the Case of YPF and Repsol in Argentina

Pablo Fernández ()
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Pablo Fernández: IESE Business School, Postal: IESE Business School. Research Division, Av Pearson 21, 08034 Barcelona, SPAIN

Abstract: On April 16, 2012 the Argentine federal government decreed the intervention of YPF. The share price of YPF fell 29% the next day. Two weeks later (May 3), the Argentine Parliament approved the expropriation of 51% of the YPF shares owned by Repsol. Repsol had a 57.4% stake in YPF. YPF was the second largest company in Argentina. In 2011, sales were $13.17 billion and dividends $1.29 billion.

Keywords: Intervention; shareholders; expropiation; valuation

22 pages, December 11, 2012

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