November 25, 2013 / 8:00 PM / 4 years ago

UPDATE 1-Spain govt, Repsol shareholders in Argentina for YPF talks - sources

By Carlos Ruano and Andrés González

MADRID, Nov 25 (Reuters) - Spain’s industry minister and executives and shareholders from Spanish oil major Repsol are in Argentina to negotiate with the government over compensation for YPF, three sources told Reuters on Monday.

Argentina seized Repsol’s majority stake in Buenos Aires-based energy firm YPF last year, arguing the Spanish company had not invested enough in the business.

The chairman of La Caixa bank, Isidro Faine, and the general director of Mexican oil company Pemex have joined Spanish minister Jose Manuel Soria for the talks with the Argentine government of Cristina Fernandez and the chairman of YPF, the sources said.

Repsol and YPF declined to comment.

Spain’s government was proposing Repsol receive $5 billion in compensation and that both Repsol and YPF each name investment banks to advise on the valuation of the stake seized, said one source.

La Caixa has a 12 percent stake in Repsol. Pemex, which has a 9.5 percent stake, has disagreed with Repsol’s strategy to resolve the conflict.

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