April 17, 2012 / 5:00 AM / 7 years ago

Mexico's Calderon criticizes Argentina's YPF plan

MEXICO CITY (Reuters) - Mexico’s President Felipe Calderon criticized his Argentine counterpart Cristina Fernandez on Monday for planning to seize control of the country’s leading energy company YPF.

Calderon said Fernandez’s plan would damage chances for future foreign investment in Argentina and hurt YPF’s controlling shareholder, Spain’s Repsol, in which Mexico’s state oil monopoly Pemex holds a 10-percent stake.

Fernandez earlier on Monday drew swift warnings from key trade partners after she said she would seek to expropriate Spanish company Repsol’s (REP.MC) 51 percent stake in Argentina’s YPF (YPFD.BA).

“It definitely seems very sad to me that the government of Argentina, of our good friend Cristina Fernandez, has taken a step that is not going to do anybody any good,” said Calderon, in response to questions from participants at a Young Global Leaders Summit, run in parallel with the World Economic Forum on Latin America.

“We all need investment and nobody in their right mind invests in a country that expropriates investments...I fervently hope that Argentina will rectify this step,” Calderon added.

Reporting by Elinor Comlay and Armando Tovar; Editing by David Brunnstrom

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