Argentine Senate approves of YPF takeover

[April 26, 2012]  BUENOS AIRES, Argentina (AP) -- Argentina's Senate on early Thursday approved the forced takeover of the YPF oil company from Spain's Repsol.

The expropriation bill passed easily. President Cristina Fernandez's allies control the Senate, and even opposition legislators said they would vote for the takeover even though they don't like the way Fernandez handled it.

Taking back Argentina's largest company from Spain's biggest company has proven hugely popular in the South American country, despite threats of retaliation from the Europe Union and fears of unintended consequences in the years ahead.

The session started late morning Wednesday and was still going 14 hours later. Sixty-two of the Senate's 72 members asked to speak about the proposal.

[Associated Press; By DEBORA REY]

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