Argentine Senate nears approval of YPF takeover - WAOW - Newsline 9, Wausau News, Weather, Sports

Argentine Senate nears approval of YPF takeover

BUENOS AIRES, Argentina (AP) -

Argentina's Senate is debating whether to approve the forced takeover of the YPF oil company from Spain's Repsol.

The expropriation bill is expected to pass easily. President Cristina Fernandez's allies control the Senate, and even opposition senators are generally saying they'll vote for the takeover even though they don't like the way Fernandez handled it.

Taking back Argentina's largest company from Spain's biggest company has proven hugely popular in the South American country, despite threats of retaliation from the Europe Union and fears of unintended consequences in the years ahead.

The session started late morning Wednesday and was still going 13 hours later. Sixty-two of the Senate's 72 members asked to speak about the proposal, and the vote appeared likely to come in the early hours of Thursday.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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