The information you provided discusses a US judge’s ruling ordering Argentina to pay compensation to two companies, Petersen Energia and Eton Park Capital, which were not compensated as minority shareholders when Argentina nationalized the YPF oil company in 2012. Here are the key points from the news:
US Judge’s Ruling: Federal judge Loretta Preska issued a ruling ordering Argentina to pay a total of nearly $16.1 billion in compensation to the two companies, Petersen Energia and Eton Park Capital, for the 2012 nationalization of YPF.
Compensation Amounts: Argentina was ordered to pay $7.5 billion in damages and $6.85 billion in interest to Petersen Energia. Additionally, Argentina was directed to pay approximately $1.7 billion, including damages and interest, to Eton Park Capital.
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Background: The case stems from Argentina’s expropriation of 51 percent of YPF’s shares in 2012, which was partially owned by the Spanish company Repsol. Argentina’s decision to nationalize YPF led to legal disputes with minority shareholders who claimed they were not adequately compensated.
Argentina’s Response: Argentina, facing economic and political challenges, announced its intention to appeal the ruling on August 9. The country had 30 days to file its appeal.
Dismissal of Other Claims: The judge’s ruling also stated that all other claims by the plaintiffs were dismissed, and all claims against YPF SA were dismissed.
US Court Jurisdiction: The case was brought to US courts because YPF shares trade on the New York Stock Exchange, giving the US jurisdiction over the matter.
Repsol Settlement: Two years after Argentina’s nationalization of YPF, Repsol, the Spanish energy giant, reached a settlement with Argentina and was compensated with $5 billion to resolve legal disputes related to the nationalization. However, other minority shareholders, such as Petersen Energia and Eton Park Capital, continued to pursue their claims.
In summary, the ruling by a US judge orders Argentina to pay significant compensation to two companies for their losses in the 2012 nationalization of YPF, while also allowing Argentina the option to appeal the decision.
