June 9, 2020 |
Argentina plans to seize financially struggling Vicentín, one of the country's largest agriculture groups, and put it under the management of the state-backed energy company YPF, President Alberto Fernández said on Monday.
"We have arranged a series of measures that have the purpose of rescuing this company," Fernández said in a televised press conference.
The goal is to keep Vicentín "on its feet," helping to protect jobs and the supply contracts it has with some 2,600 small-hold farmers, while
State-backed YPF will run the company as a benchmark for agriculture commodity prices