In the early 1990s, Argentina was advancing boldly into the
new world of free market reforms, a journey that included
selling off its national oil company. At $3.04 billion, the
July 1993 sale of Yacimientos Petrolíferos Fiscales
(YPF) was extraordinary in many ways. It was both the largest
Latin American initial public offering of 1993 and the
largest-ever Latin American privatization up to that time. More
significantly, it was the first and only wholesale transfer of
a state-owned Latin American oil company to private investors.
The transaction was even more remarkable because it took the
form of an IPO to local and global investors, as opposed to a
sale to a strategic corporate investor. ...
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