Argentina's new directors, CEO firmly control YPF
BUENOS AIRES, Argentina (AP) -- Argentina's YPF oil company has held its first shareholder meeting since the government expropriated it, naming a board of directors that underlines the loss of control by the Spanish energy company Repsol.
Repsol now owns 12 percent of YPF but it will have just one seat on a board of 11 to 21 directors. Most of the spots will go to Argentina's national government and provinces. YPF workers get one seat and there are four independent directors.
Deputy Economy Minister Axel Kicillof remains as the government's main representative on the board. Shareholders also have confirmed Miguel Galluccio as chief executive of the company.
Repsol wants $10.5 billion in compensation for the takeover, but Kicillof has said the cost of cleaning up environmental damage will be deducted from the bill.
(Copyright 2012 by The Associated Press. All Rights Reserved.)