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Argentina is to renationalise YPF, its biggest oil company, ousting the Spanish group Repsol as majority shareholder and prompting a furious row with Madrid.
In a move likely to have significant investor and diplomatic fallout, Cristina Fernández, Argentina’s president, sent a bill to Congress on Monday to put 51 per cent of YPF in state hands.
AFP - Spain denounced the "hostile" decision by Argentina to nationalise Spanish-owned oil company YPF, a subsidiary of Repsol, and warned Monday that it would take "clear and forceful measures" in response.
Argentina's decision had "broken the climate of friendship" between the two countries, Foreign Minister Jose Manuel Garcia Margallo told journalists, speaking after a crisis cabinet meeting called by Prime Minister Mariano Rajoy.
The government strongly "condemns... the decision to expropriate" a controlling stake in the Repsol subsidiary, he added.