The Eskenazi family will not lose its stake in Argentina’s largest oil company, but its involvement in YPF's management will be reduced following the government’s decision to part-nationalise the firm.
A spokesman for YPF told CampdenFB that the country’s minister for federal planning, Julio de Vido, has already taken over the management of the company, which was previously overseen by the Eskenazi family.
Until today, Sebastian Eskenazi Storey was the company’s chief executive, while Enrique Eskenazi served as vice-chairman of the board.
The move comes after Argentinian president Cristina Fernandez de Kirchner asked the country’s senate to pass a law to expropriate 51% of YPF’s shares.
Under the proposed bill, the government would take control of YPF by seizing the majority of Spanish energy company Repsol’s shares, leaving untouched the Eskenazi stake.
Repsol owns a 57% stake in YPS, while the Eskenazi family controls 25.7% of the company through Grupo Petersen.
Last week, the spokesman told CampdenFB that the Eskenazi family, which is expected to issue a statement on 17 April, was “worried” about the “unusual situation”.
However, he was unwilling to comment further today – and told CampdenFB to contact the minister for news about the company.