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China Gas Information
Argentine President cristina fernandez exactly is how to think? The Argentine government the local oil company YPF51 % for state-owned equity collection, the Argentina and no good, the Spanish oil group Repsol (Repsol) is a blockbuster bang. The group will lose its 57% stake held by most of the. Argentina alleges, YPF no enough investment. Implementation of the nationalization and gradually withdraw YPF licence, it seems to crack down on the company's share price (have dropped 35% this year), and is not MingMian said the Argentine government plan to pay for. Problem is not in repsol side, but that fernandez populism energy policy, domestic prices will remain in the low level, forcing YPF import product oil and natural gas, and then sale.
Repsol will be in the Spanish government and the European Union (EU), under the support of the Argentine government to "illegal" move against launched. But Spain must avoid Spain telephone company (Telefonica) in Argentina rights be the next target. The bank of Spain Spain foreign bank (BBVA) and Santander (Santander), and fashion Inditex group in the local equity is unlikely to be affected. Repsol investors worried about the worst, and they have suffered the first pen loss: on Tuesday, YPF and repsol's share price falling by 7% and 6% respectively. Since this year, repsol share price already fell to nearly a third. Meanwhile, bond holders must protect their own rights and interests. In the state holding under, YPF credit risk will be reduced. Argentina's credit rating is far lower than repsol's investment grade rating.
The Spanish group requirements Argentina for its shares provide $10.5 billion in compensation, about 2.6 times book value, while the latter is unlikely to pay the money. Macquarie (Macquarie) estimate, repsol will have to corresponding written down, so that the end of the year group asset-liability ratio improve 400 basis points, to 42%. The oil group will also loss a quarter of operating income, and the loss of YPF dividend would weaken repsol capital flexibility.
Argentina lost, YPF lose, repsol also lost - this is enough to let a person cry. If Argentina so treat its biggest foreign investors, it alone dance tango.