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Spain's Repsol sells YPF stake to Morgan Stanley

Spain's Repsol sells its remaining YPF stake to Morgan Stanley for $1.25 billion

Associated Press

MADRID (AP) -- Spain's Repsol oil and gas company says it has sold an 11.86-percent stake it owned in Argentina's YPF energy company to Morgan Stanley for 900 million euros ($1.25 billion), effectively leaving it without a stake in a company it once controlled.

Repsol SA told Spain's market regulator Wednesday the stake represented 46.6 million shares. It said it now owns less than 0.5 percent of YPF.

Repsol recently accepted a $5 billion offer from Argentina as compensation for the country's seizure of Repsol's controlling stake in YPF in 2012.

Argentina claimed Repsol did not do enough to develop YPF's resources — claims strongly denied by Repsol.