Repsol SA Rejects $5 Billion Offer From Argentina For YPF-Reuters

Reuters reported that Spanish oil major Repsol SA's Board of Directors unanimously rejected on a $5 billion noncash compensation offer from Argentina for expropriation of energy firm YPF, saying the offer does not reflect Repsol's loss. The Argentine government took control of Repsol's 51% stake in YPF in May 2012, claiming Repsol was underinvesting in the Company, sparking a heated dispute with Spain and with Repsol's shareholders. Repsol has launched several legal suits over a loss that it values at $10.5 billion. It has said it is open to an out-of-court settlement but wants fair compensation in the form of cash, bonds or liquid assets.