April 2012, for the renationalization of YPF: the national government would purchase a controlling 51% share, with ten provincial governments receiving the remaining 49%. Planning Minister Julio de Vido was appointed to head the Federal intervention, replacing CEO Sebastián Eskenazi. Repsol YPF CEO Antonio Brufau, Spanish Prime Minister Mariano Rajoy, and other Spanish officials objected to the nationalisation, accusing the Argentine government of driving down YPF shares ahead of the announcement (market price of the shares declined by over half from February to April). Economy Minister Hernán Lorenzino claimed in turn that asset stripping at YPF had financed Repsol's expansion in other parts of the world. Responses included a diplomatic offensive by Rajoy in other countries in the region, assurances by Industry Minister José Manuel Soria of "clear and decisive" Spanish government measures, Foreign Minister José García-Margallo y Marfil's admonition that Argentina had "shot itself in the foot" by damaging relations with Spain, and other threats. The Chinese state oil concern, Sinopec, was reported to have been in talks to buy out Repsol's share in YPF – a potential deal scuttled by the Argentine announcement. Both Repsol and YPF shares fell sharply before and after the announcement, and the cost of insuring Argentine government bonds against default rose, as did those of Spain. Repsol Chairman Brufau estimated the company's potential loss at €5.7 billion (US$7.5 billion). The largest minority shareholder, the Petersen Group, had financed their initial purchase of 15% of the stock with a vendor's loan from Repsol for €1.5 billion. The 2008 agreement required Repsol to buy back shares owned by the Group and to assume the loan should the Madrid-based firm lose majority control of YPF. Sebastián Eskenazi indicated however that the group would forgo this option. The Senate of Argentina approved the takeover on 26 April with 63 votes in favor of the measure, three opposing it and four abstentions. The Chamber of Deputies in turn approved the bill on 4 May with 208 votes out of 257 and six abstentions. The president signed the renationalization into law on 5 May. Miguel Galluccio, an Argentine petroleum engineer with experience at both YPF and at oilfield services leader Schlumberger as president of its production management division in London, was appointed CEO. Argentine Deputy Economy Minister Axel Kicillof rejected Repsol's initial demands for payment of US$10.5 billion for a 57% stake in YPF (the state sought 51%), citing