Argentine president to sign YPF takeover law - WAOW - Newsline 9, Wausau News, Weather, Sports

Argentine president to sign YPF takeover law

BUENOS AIRES, Argentina (AP) -- President Cristina Fernandez is preparing to celebrate Argentina's recovery of its state energy company Friday by signing a measure expropriating the controlling shares in YPF from Spain's Repsol oil company.

She plans a national address Friday evening and expectations are growing that she also will name a new team of Argentine oil industry professionals to manage the company.

Argentina is calling this an expropriation but not a nationalization, because YPF SA will be run as a private company even though the national government and its provinces together own a controlling 51 percent of the shares.

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

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