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 Inc. through open market purchases.

Summary

• Control Empresarial de Capitales S.A. de C.V. purchased 40,000 Class A Common Shares of PBF Energy Inc. on November 13, 2024, at a weighted average price of $29.4882 per share.
• An additional 115,000 Class A Common Shares were acquired on November 14, 2024, at a weighted average price of $29.9873 per share.
• Following these transactions, Control Empresarial directly owns 26,432,498 Class A Common Shares.
• The Slim Family, through a Mexican trust that owns Control Empresarial, may be deemed to indirectly beneficially own these shares.
• The Slim Family's indirect ownership represents approximately 23.0% of the 115,123,458 outstanding Class A Common Shares of PBF Energy.

Sentiment

Score: 7

Explanation: The document indicates a significant increase in ownership by a major investor, which is generally viewed positively by the market. However, it is not a major announcement that would cause a large price movement.

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 were made on the open market, indicating a genuine investment decision.

Risks

• The document does not explicitly state any risks, but the increased ownership by a single entity could potentially lead to concerns about corporate control.

Industry Context

This filing reflects a significant ownership stake by a major investor in the energy sector, which could influence market perception of PBF Energy.

Comparison to Industry Standards

• The Slim Family's increased stake is a significant move, comparable to other large institutional investors increasing their positions in publicly traded energy companies.
• The 23% ownership is a substantial holding, potentially giving the Slim Family significant influence over PBF Energy's strategic direction, similar to other major shareholders in the industry.

Stakeholder Impact

• The increased ownership by the Slim Family could be viewed positively by shareholders, potentially increasing confidence in the company.
• The increased ownership could also impact the company's strategic direction and decision-making.

Key Dates

Keywords

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