Argentina Takes Control of Oil Co.

    A person holds up a banner that reads in Spanish "YPF, public and Argentine," during a demonstration in support of a bill proposed by Argentina's President Cristina Fernandez outside the government house in Buenos Aires, Argentina, Monday, April 16, 2012. Fernandez on Monday proposed a bill to expropriate 51 percent of the shares of YPF oil company that is controlled by Spain's Repsol, moving ahead with the plan despite fierce opposition from Madrid. (AP Photo/Natacha Pisarenko)

    Natacha Pisarenko / AP Photo

    Argentina has announced a plan to nationalize its biggest oil company, YPF, taking control of 51 percent of the company that accounts for the country’s second-largest industry. The announcement sent shock waves through the international business community as the Argentines sought to gain more control over the energy it produces. YPF was previously controlled by Repsol, a Spanish corporation. Spanish officials were outraged by the move, saying that reactive measures would be announced later this week. It was a defiant move for President Cristina Fernandez de Kirchner, who said at the announcement, "I am a head of state and not a hoodlum.”

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