Argentine Parliament votes to nationalize YPF .....

BOOM: Argentine Parliament Votes To Nationalize YPF

Mamta Badkar | 37 minutes ago | 88 | 

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Argentina voted 207-32 in favor of expropriating 51 percent of the shares of Repsol YPF.

Argentina's Lower House of Congress resumed its debate of the government-backed YPF expropriation bill today. The bill was expected to pass with a wide margin.

Argentine president Cristina Fernandez de Kirchner who moved to expropriate shares of YPF and YPF Gas has previously said the company failed to invest and develop domestic oil fields.

Once the bill is approved the focus will shift to how much the government will pay Repsol for the 51 percent stake.

Repsol is looking to get $10.5 billion for its stake in the company.

YPF shares are down nearly 60 percent year-to-date.

More to come...