Repsol approves YPF compensation agreement
Repsol’s Annual General Meeting today ratified the agreement reached with the Government of Argentina which recognises the company’s right to receive $5 billion in compensation for the expropriation of 51% of YPF and YPF GAS and stipulates guarantees for effective payment as well as the termination of current judicial and arbitration proceedings and the reciprocal waiver of future claims.
The Annual General Meeting overwhelmingly backed the agreement with Argentina, with the vast majority of its shareholders voting in favour. Thus, the agreement is definitively ratified by the company. The agreement now requires approval by the National Congress of Argentina.
March 28, 2014