Expropiation of Repsol, what Argentina seeks

Argentina —or rather, Cristina Kirchner— has decided on the expropriation of the shares that REPSOL holds in YPF. Or at least almost all of them, since she is taking 51% of YPF out of the 57% that REPSOL owned.

But can we really call this an “expropriation”? Or is it simply a theft?

Why exactly 51% from REPSOL? Why not prorated among all shareholders?

Only one shareholder is being expropriated. This is nothing more than an attack against that specific shareholder —perhaps simply for being a Spanish company? It certainly looks very much like an attack against Spain itself.

The price REPSOL paid for all of YPF was around 13 billion euros. Now, on the stock market, YPF is worth less than 6 billion euros, after the declines caused by rumors of expropriation and the withdrawal of operating concessions —although at the beginning of the year, it was worth twice as much.

So one could say that its market value lies somewhere between 6 and 12 billion euros, more likely around the 12 billion euros it was worth in January 2012.
What valuation will the Argentinians use to determine the “fair price” for the expropriation?

I fear the outcome will lead us to conclude that what Argentina really intends is simply a theft from REPSOL.

[Vía: bolseando, Argentina y REPSOL]