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GENERAL ELECTRIC COMPANY (GE)
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Argentina's YPF eyes sale of electricity subsidiary stake to GE -media

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07/14/2017 | 05:39pm CEST
Logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia

BUENOS AIRES (Reuters) - Argentina's state-run oil company, YPF SA (>> YPF SA), is in talks with General Electric Co (>> General Electric Company) to sell a 49 percent stake in its electricity generation subsidiary to the U.S. industrial conglomerate, local newspaper Clarin reported.

BUENOS AIRES (Reuters) - Argentina's state-run oil company, YPF SA (>> YPF SA), is in talks with General Electric Co (>> General Electric Company) to sell a 49 percent stake in its electricity generation subsidiary to the U.S. industrial conglomerate, local newspaper Clarin reported.

A YPF spokesman and a GE spokeswoman declined to comment on Friday. The two companies are partnering on several electricity projects in Argentina, Latin America's No. 3 economy, including plants in the province of Tucuman and near the Vaca Muerta shale field.

Last week, the two companies announced that they had secured $220 million in project financing from Citigroup (>> Citigroup) and Credit Suisse (>> Credit Suisse Group), among others, for two jointly owned thermal power projects.

The value of the potential deal was unclear, and YPF does not publicize the value of the subsidiary, YPF Energia Electrica.

YPF launched the subsidiary in 2013 after acquiring assets from Argentina-based oil and gas company Pluspetrol, which spun off its electric generation business. At the time, the value of the spun-off assets amounted to $485 million, according to a YPF filing.

(Reporting by Luc Cohen; Editing by Jeffrey Benkoe)

Stocks treated in this article : Citigroup, General Electric Company, Credit Suisse Group, YPF SA
Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP -0.52% 69.12 Delayed Quote.-7.11%
CREDIT SUISSE GROUP -0.37% 16.2 Delayed Quote.-6.41%
YPF SA --End-of-day quote.
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Financials ($)
Sales 2018 122 B
EBIT 2018 11 695 M
Net income 2018 7 291 M
Debt 2018 63 970 M
Yield 2018 3,31%
P/E ratio 2018 19,15
P/E ratio 2019 15,87
EV / Sales 2018 1,56x
EV / Sales 2019 1,52x
Capitalization 126 B
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Mean consensus HOLD
Number of Analysts 16
Average target price 17,1 $
Spread / Average Target 18%
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Managers
NameTitle
John L. Flannery Chairman & Chief Executive Officer
Daniel C. Janki Treasurer & Senior VP-Global Operations
Jamie S. Miller Chief Financial Officer
Jim Fowler Chief Information Officer
Victor Abate Chief Technology Officer & Senior Vice President
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