Form 4: Slim Family Increases Stake in PBF Energy Through Control Empresarial

Control Empresarial de Capitales S.A. de C.V., associated with the Slim Family, has increased its holdings in PBF Energy by purchasing an additional 250,000 Class A Common Shares.

Summary

• Control Empresarial de Capitales S.A. de C.V. purchased 100,000 Class A Common Shares of PBF Energy on November 19, 2024, at a weighted average price of $31.2777 per share.
• An additional 150,000 Class A Common Shares were purchased on November 20, 2024, at a weighted average price of $31.3842 per share.
• These transactions increased Control Empresarial's direct holdings to 26,682,498 Class A Common Shares.
• The Slim Family, as beneficiaries of a trust that owns Control Empresarial, may be deemed to indirectly own these shares.
• The Slim Family's indirect ownership represents approximately 23.2% of the 115,123,458 outstanding Class A Common Shares of PBF Energy.

Sentiment

Score: 7

Explanation: The document indicates increased investment by a major shareholder, which is generally viewed positively by the market. However, it is a routine filing and does not contain any major surprises.

Positives

• The increased stake by Control Empresarial and the Slim Family could be seen as a positive sign of confidence in PBF Energy's future prospects.
• The purchases demonstrate a continued commitment by a major shareholder.

Risks

• The document does not explicitly state any risks, but the concentration of ownership by the Slim Family could potentially pose governance risks.

Industry Context

This filing reflects a significant ownership stake in PBF Energy by a major investor, which is not uncommon in the energy sector. Such filings are standard practice for large shareholders and are closely monitored by the market.

Comparison to Industry Standards

• Large ownership stakes are common in the energy industry, with companies like Marathon Petroleum and Valero Energy having significant institutional and individual shareholders.
• The 23.2% stake held by the Slim Family is substantial and places them among the larger shareholders in the sector.
• Similar filings are made by other large shareholders in the industry, such as Berkshire Hathaway's filings for Occidental Petroleum, which are closely watched by investors.

Stakeholder Impact

• The increased ownership by the Slim Family could be viewed positively by shareholders, potentially increasing confidence in the company.
• The filing does not directly impact employees, customers, suppliers, or creditors.

Key Dates

Keywords

PBF Energy, Control Empresarial, Slim Family, Class A Common Shares, Beneficial Ownership, Share Purchase, SEC Form 4