Bloomberg: Argentina oil takeover prompts Repsol name change

June 1, 2012 9:01 am0 commentsViews: 4

Shareholders of Spanish energy firm Repsol on Thursday approved a change to the company’s full name to reflect the fact that it no longer owns the YPF unit in Argentina following a government takeover.

The name was changed from Repsol-YPF SA to Repsol SA, the company said in a statement.

Argentina in April seized control of Repsol’s stake in YPF. The Spanish energy giant sued Buenos Aires earlier this month, demanding that Argentina make an offer for the stake.

The European Union last week started legal proceedings at the World Trade Organization against Argentina, saying the country stifles imports to protect its own industries. It said the YPF seizure was indicative of the country’s worsening business climate.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

Spanish energy firm Repsol is changing its name to reflect the fact that it no longer owns the YPF unit in Argentina following a government takeover.

The company says Repsol shareholders on Wednesday approved changing the company name from Repsol-YPF SA to Repsol SA.

Argentina in April seized control of Repsol’s stake in YPF. The Spanish energy giant sued Buenos Aires earlier this month, demanding that Argentina make an offer for the stake.

The European Union last week started World Trade Organization legal proceedings against Argentina, saying the country stifles imports to protect its own industries. It said the YPF seizure was indicative of the country’s worsening business climate.