The Spanish oil major Repsol has approved a definitive US$5bn settlement from the Argentina government over the expropriation of 51% of the shares held by Repsol in the Argentinian company YPF seized in 2012. The agreement stipulates that the Government of Argentina will transfer to Repsol dollar-denominated public debt, including a fixed package with a nominal value of US$5bn, and a complementary package, with a maximum nominal value of US$1bn. The transferal of the complementary bonds will be adjusted so that the market value of the bonds is no less than US$4.670bn and up to a maximum nominal value of US$6bn. The settlement, half of Repsol's initial claim, closes a two-year legal battle. The agreement does not enter into force until a number of conditions are met, including its approval by Repsol’s Annual General Meeting followed by approval of a law especially sanctioned by the Parliament of the Republic of Argentina.
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