Carlos Slim acquires stake in Argentine power co.

The world's richest man, Mexican telecommunications billionaire Carlos Slim, has acquired an 8.4 percent stake in Argentina's newly state-controlled oil and gas producer, YPF S.A., but it's unclear what he intends to do with it.

While it could be seen as part of a recent buying spree of assets in Europe and Latin America, Slim's office is coy about whether he intends to keep the YPF shares. Slim has a reputation for purchasing under-valued companies and distressed assets in times of crisis to later sell them off. But he also has a real interest in the oil industry, with companies like Swecomex providing offshore oil platforms and equipment.