Spanish oil major Repsol bid farewell to 15 years of business in Argentina with the sale of a stake in energy firm YPF to Morgan Stanley for $1.26 billion on Wednesday.The sale, together with a $5 billion settlement with Argentina over its 2012 expropriation of a 51 percent stake in YPF from Repsol, opens a new chapter for the Spanish oil company that is likely to focus now on upstream investments.Madrid-based Repsol is seeking acquisitions in exploration and production as it tries to increase hydrocarbons output. YPF had accounted for over half of Repsol's production."We see the (YPF) divestment as a sensible move ... and the realization of material cash will add to expectations that Repsol may be near to reinvesting proceeds in an acquisition opportunity," said Deutsche Bank analysts, who have a "hold" rating on Repsol shares.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS fell by 2.03% or $-0.61/share to $29.46. In the past year, the shares have traded as low as $23.06 and as high as $33.52. On average, 12742600 shares of MS exchange hands on a given day and today's volume is recorded at 16285797.
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