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YPF board accepts Repsol
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May 11, 1999: 7:43 a.m. ET
Spanish oil giant closes in on $13.4B purchase of Argentine company
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LONDON (CNNfn) - The Spanish integrated oil firm Repsol moved closer to securing control of YPF Tuesday after the Argentine company's board accepted its $13.44 billion takeover bid.
Repsol bought a 14.99 percent stake in YPF in January and launched its surprise bid for the remaining stock at $44.78 a share. YPF shares trading in the United States have surged since the offer was launched, but closed down 1/8 at 42-1/2 Monday.
YPF management had resisted a bid for control by Repsol in January, and while the board has recommended the offer, its statement to the Buenos Aires stock exchange gave no indication whether YPF's highly-regarded management would stay on at the company.
Repsol plans to launch its offer in Argentina and aims to secure approval from shareholders by the end of June. Its shares slipped 0.02 euros to 18.53 in early trading Tuesday.
Analysts have praised the strategic fit of the two companies, which together would rank as the world's fifth-largest gas producer. 
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Repsol
YPF
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