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Argentine Senate approves of YPF takeover

Associated Press Modified: April 26, 2012 at 12:01 am •  Published: April 25, 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 63 to 3, with 4 abstentions. 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.

Next week the bill will be voted on in the Chamber of Deputies, where it is also expected to pass.

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.