Repsol Rejects Argentina's 'Unsatisfactory' $5B YPF Bid

Law360, San Francisco (June 26, 2013, 10:04 PM EDT) -- The board of directors for Spanish oil giant Repsol SA unanimously rejected a $5 billion bid from the Argentine government in exchange for the company's share in energy firm YPF, the company announced Wednesday.

After a detailed examination of the offer, the board found it “unsatisfactory for the interests of the company” because it didn't make up for the losses Repsol faced when Argentina expropriated the company's stake in YPF last May, the board said.

In addition, the board determined that the offer “is constructed on...
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