Argentine Congress easily approves YPF takeover

Oil   Policy

BUENOS AIRES, Argentina (AP) — Argentina's takeover of its formerly state-owned energy company from Spanish shareholders won easy approval from legislators Thursday night.

Congress' lower house voted 207-32 to give the force of law to what President Cristina Fernandez surprisingly decreed two weeks earlier: the expropriation of the Spanish company Repsol SA's $10.5 billion stake in the YPF oil company, without a single centavo paid in advance.

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