When Repsol SA Chief Financial Officer Miguel Martinez received $5 billion of bonds from Argentina as compensation for its seized stake in oil producer YPF SA, he said it could take as long as two years to sell.
Repsol SA sold almost all its remaining stake in Argentina’s YPF SA, marking a final break with the company two years after the government seized 51 percent of the country’s leading oil producer. YPF stock jumped.
Repsol YPF SA investors criticized Chairman Antonio Brufau over his handling of the company’s Argentine unit, whose expropriation wiped 14 billion euros ($17 billion) from the market value of Spain’s biggest oil producer.
JPMorgan Chase & Co., the biggest U.S. bank, bought $2.8 billion of Argentine bonds at a discount from Repsol SA two days after the oil company received them as compensation for the government’s seizure of its local unit.
Repsol SA, the Spanish oil company looking to spend about $10 billion on takeovers, said first- quarter profit exceeded analyst expectations as production growth in Latin America offset declines in Libya.
Repsol SA is willing to spend as much as $10 billion acquiring assets in Canada, the U.S. or northern Europe as it plans to sell its $7 billion stake in Gas Natural SDG SA, Chairman Antonio Brufau said.