Mexican telecommunications billionaire Carlos Slim has acquired an 8.4 percent stake in Argentina's newly state-controlled oil and gas producer, YPF S.A.
Slim and members of his family bought 32.9 million shares of YPF Class D shares on Tuesday and Wednesday, according to a filing with the Securities and Exchange Commission on Thursday.
Shares of YPF that trade on the New York Stock Exchange rose $1.21, or 11.6 percent, to $11.66 in morning trading on Friday. The stock is near the bottom of its 52-week range of $10.13 to $46.60.
The stock has tumbled since Argentina's center-left government expropriated YPF by seizing a majority stake from Spain's Repsol two months ago. The company operates under a mixed public-private arrangement under the supervision of the SEC and Argentina's regulator.