Valoracion de una expropiacion: YPF y Repsol en Argentina (Valuation of an Expropriated Company: The Case of YPF and Repsol in Argentina)

Abstract

The English version of this paper can be found at http://ssrn.com/abstract=2176728 Spanish Abstract: El 16 de abril de 2012, el Gobierno Argentino expropio a Repsol un 51% de las acciones de YPF que eran de su propiedad. Repsol tenia el 57,4% de las acciones de YPF. Un tribunal determinara la compensacion que Repsol debe recibir por sus acciones de YPF expropiadas. El lector debe ayudar al tribunal: ?cuantos dolares deberia pagar el gobierno argentino a Repsol por la expropiacion? El caso proporciona informacion y datos para responder a esta pregunta: precio en bolsa de YPF, precios objetivo de varios analistas, estatutos de YPF sobre el precio a pagar, transacciones anteriores de acciones de YPF... English Abstract: On April 16, 2012 the Argentine Federal Government decreed the intervention of YPF and expropriated of 51% of the YPF shares owned by Repsol. Repsol had a 57.4% stake. A tribunal will determine the compensation Repsol will receive for its YPF shares. You are required to help the tribunal. What is your best estimation of the compensation that Repsol should receive for its expropriated 51% of YPF shares? The case provides you with information and data to answer that question: transactions of YPF shares, analyst valuations of YPF, share price in the NYSE.