Argentina's YPF Acquires Option To Raise Stake In Metrogas

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articlenopicBy Taos Turner for Wsj.com

Argentina's largest oil and gas producer, YPF SA (YPF, YPFD.BA), has acquired an option to raise its stake in Argentina's biggest natural-gas-distribution company, Metrogas SA (METR.BA).

Metrogas said Monday in a statement to the Buenos Aires Stock Exchange that YPF Inversora Energetica, a unit of YPF, has obtained the right to buy a 54.7% stake in Metrogas from the U.K.'s BG Group PLC (BG.LN, BRGYY).

BG owns the stake through the holding company Consorcio Gas Argentino Sociedad Anonima, or GASA.

GASA owns 70% of Metrogas, while 20% of the shares are traded in Buenos Aires and New York, and 10% are held by employees. YPF already has a 45.5% stake in GASA.

YPF has until Aug. 31 to exercise the option, though that period can be extended to Oct. 5, according to the statement. YPF itself is a unit of Spain's Repsol YPF SA (REP.MC, REPYY).

A year ago, Metrogas filed for bankruptcy protection, leading the government to step in to...Read Full Article

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