Repsol YPF
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Argentina announces plans to renationalise Spain's YPF

An angry row has broken out between Spain and Argentina after the Argentine government announced plans to renationalise the Spanish oil company YPF.

Buenos Aires has put forward a bill that would allow it to take a controlling stake in YPF, a company owned by the Spanish energy giant Repsol. Shares in Repsol plunged 8% when the stock market opened.

Madrid has promised to take decisive action against Argentina in the next few days.

Tom Burridge reports from Madrid.