Sometimes the most obvious and tempting strategy is the stupidest. That applies to Argentina’s decision to seize a majority share in YPF, its biggest oil company, from Repsol, the Spanish energy group.
If mergers of equals are risky and hostile takeovers riskier, where does expropriation rank on the scale of management disruption?
Pretty high, I would guess. So, a day after Argentinian government officials walked into YPF’s headquarters with a list of senior Spanish executives they wanted to expel and an order to renationalise most of Repsol’s majority stake, I feel for the oil company’s staff. Read more