Last Friday’s message of some peace was taken to the Argentine consulate in New York by Pablo Goldberg, a fellow countryman from Di Tella University, who holds the position of head of Research and Portfolio manager for BlackRock’s Emerging Market Debt Team; which makes him a person with a double added value in the organization. He is an expert in emerging markets and a specialist in debt. The fund gave him the task of following the very complicated Argentine case, taking into account that only a legal Creole can understand what is happening in the local market.
However, BlackRock appears to be unhappy with the rest of its holdings. Or at least it did not reduce its presence in the Argentine real economy. He also showed no signs of dissatisfaction with his presence in companies in several key industrial and service sectors. Even in some, like YPF, it gave signs of satisfaction in the last shareholders’ meetings.
Fink’s fund accepted the restructuring that former company president Guillermo Nielsen organized last year, as well as a significant portion of the oil company’s shares. BlackRock owns 5.67% of the package, with 9.77 million shares in its possession. He joined the oil company as a private partner in the 90s, as part of its global alliance with Repsol and remained unchanged without defending the Spanish (only business, nothing personal), during the conflict over the renationalization of the oil company by Cristina’s government. Fernández de Kirchner in 2012.
In those days, BlackRock decided to withdraw its strategic alliance with Repsol in the oil company, after a conversation with the designated CEO, Miguel Galuccio. The good dialogue continues to this day. In fact, Galuccio was one of the few who could demonstrate that he had a direct line with Fink himself, who he tried to convince to accept one of the offers that Martín Guzmán had been proposing during the process of restructuring the private debt under international law. He was unsuccessful, but he proved to be the only Argentine who, seriously, was served by the BlackRock management and listened to in their arguments.
Even at various points, he managed to get Fink to accept truces that would not put more pressure on the country and worsen the conditions for negotiations. Due to this direct relationship with the former CEO of YPF, and today the driver of a successful service company in the sector (Vista Oil & Gas), BlackRock always maintained its tenure at YPF and agreed to participate in all debt placements, including the titles that entered into renegotiation. BlackRock also maintains a friendly position in the lawsuit that the English-born vulture fund Burford initiated for the way in which the renationalization of YPF was approached in 2012; even offering the collaboration of their lawyers if needed.
The same ones who later intervened in the 2020 debt negotiation. The interest here is simple to explain: if Argentina loses the case, the shares of the oil company would be affected, and, consequently, it would lose money. The largest fund in the world also has an important presence as Argentina’s partner in the real economy. Not only because of his intervention as a shareholder in multinationals with a strong local presence such as Coca-Cola, Bayer, Apple, Microsoft, Telefónica or Procter & Gamble (among others); but as the owner of shares in several of the most important companies in the market such as Mercado Libre, Tenaris, Grupo Galicia, Banco Macro, Telecom, Pampa Energía, TGN, Arcos Dorados and Adecoagro.
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
