Wednesday, May 16, 2012 9:07 am
Spain's Repsol sues Argentina over YPF takeover
The Associated Press
Repsol and Texas Yale Capital Corp. are demanding that Argentina's government make an offer for the stake that Repsol held in YPF, its former petroleum producer in Argentina. The company and the investment firm also want unspecified monetary damages from Argentina because shares of Repsol and YPF plummeted after the takeover announced last month.
Repsol YPF SA announced Wednesday that it filed the class action lawsuit at the U.S. District Court in New York. Repsol has separately notified Argentina it will contest the YPF nationalization before the World Bank's International Center for Settlement of Investment Disputes .