State-controlled Argentine oil company YPF said it is progressing with the sale of its majority stake in Metrogas, the country’s largest gas distributor, which has attracted interest from 13 companies.
According to a company statement, the first phase of the competitive process to sell its 70% stake in Metrogas “included the participation of 13 companies and concluded with the receipt of non-binding offers on April 9.”
The most competitive bids will be shortlisted to move into a second phase, which includes a due diligence process, to complete the sale within this year.
“To date, no decision has been made, and no binding agreements have been reached,” the company said, adding that it has appointed U.S. bank Citigroup as financial advisor for the transaction.
Metrogas, founded in 1992, is Argentina’s largest natural gas distributor and, according to the company, the third largest in South America.
In addition to YPF, shareholders include Integra Gas Distribution (9.23%) and Argentina’s National Social Security Administration (8.13%), while another 12.64% is listed on the Buenos Aires Stock Exchange.
