China Petroleum & Chemical Corp. better known as Sinopec, was in talks to purchase a controlling stake in Argentine oil company YPF SA YPFD -6.90% from Spanish group Repsol YPF SA before Argentina moved ahead with plans to nationalize the company, according to a report Wednesday in the Financial Times
Talks that would have seen the Chinese state-owned energy group pay in excess of $10 billion to acquire Repsol's 57% stake in YPF broke down after Buenos Aires announced its intent to take the company back into state control, according to the report, which cited two people familiar with what it described as secret talks
Repsol had reportedly carried out the talks with Chinese energy industry counterparts without the knowledge of Argentine officials, hoping to finalize the deal before seeking endorsement from Argentina's President Cristina Fernandez
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