Madrid—Repsol said Tuesday it had accepted a $5 billion settlement from Argentina over the expropriation of its YFP unit, resolving a two-year old dispute which was hanging over the Spanish oil major’s growth plans. In a widely-anticipated deal, Repsol said its board agreed to a settlement whereby up to $6 billion of nominal value Argentinean government bonds are issued, which it can sell or hold until they mature. Once the company recovers $5 billion from the bonds the debt will paid off and any excess would be repaid to Argentina, it said. Under the deal, Repsol agreed to drop all judicial proceedings and to a waiver of future claims by both parties, the Spanish oil company said in a statement.
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