From privatisation to nationalisation: Repsol-YPF, 1999–2012

In April 2012 Argentinean Government nationalized 51% of Repsol shares in YPF. Expropiation of YPF is a new step in a broad list of protectionist and interventionist decisions, such as the nationalization of Aerolíneas Argentinas, nationalization of private pension plans, or the amendments of the Ce...

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Bibliographic Details
Published in:Utilities policy 2013-09, Vol.26, p.45-55
Main Authors: Melgarejo Moreno, Joaquín, López Ortiz, Ma Inmaculada, Montaño Sanz, Borja
Format: Article
Language:English
Subjects:
Argentina
Bank regulation
Economic incentives
Institutions
Kichners
Nationalization
Privatisation
Privatization
Repsol
Repsol-YPF
Uncertainty
YPF
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Summary:In April 2012 Argentinean Government nationalized 51% of Repsol shares in YPF. Expropiation of YPF is a new step in a broad list of protectionist and interventionist decisions, such as the nationalization of Aerolíneas Argentinas, nationalization of private pension plans, or the amendments of the Central Bank regulations to make the use of reserves more flexible. Institutions set the rules of the game for citizens and companies, allowing incentives and creating expectations. Nationalization of the above mentioned Argentinean companies has created legal uncertainty bringing a relevant increase in the risk premium as a result. Privatization of YPF and its later nationalization, together with the company shareholder composition, and resulting international disputes will be addressed in this article. •The YPF's expropriation is an interventionist decision by Argentina's government.•The Argentine government caused an exodus of multinational companies.•The institutions are understood as being procedures to stabilise expectations.
ISSN:0957-1787
1878-4356
DOI:10.1016/j.jup.2013.05.002