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Spain's Repsol accepts $5B for Argentine unit

Spain's Repsol energy firm accepts $5B in bonds from Argentina for nationalized YPF division

Associated Press

MADRID (AP) -- Spain's Repsol energy firm says its board has accepted a $5 billion (3.6 billion euro) offer from Argentina as compensation for the South American country's seizure of the company's YPF petroleum division.

The approval marks the end of a bitter dispute that hurt relations between the two countries.

Repsol SA said in a statement Tuesday night that Argentina agreed to pay the amount in bonds denominated in U.S. dollars in line with a tentative agreement reached in November.

Argentina expropriated Repsol's controlling stake in YPF without paying anything in 2012 just as Spain teetered on the edge of financial collapse.

Argentina claimed Repsol did not do enough to develop large fields of unconventional natural gas — claims vigorously denied by Repsol.

Repsol initially demanded $10.5 billion.