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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