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 through recent stock purchases.

Summary

• Control Empresarial de Capitales S.A. de C.V. purchased 100,000 Class A Common Shares of PBF Energy on December 13, 2024, at a weighted average price of $29.132 per share.
• An additional 88,000 Class A Common Shares were acquired on December 16, 2024, at a weighted average price of $27.7723 per share.
• Following these transactions, Control Empresarial directly owns 28,473,498 Class A Common Shares.
• The Slim Family, as beneficiaries of a trust that owns Control Empresarial, may be deemed to indirectly own these shares.
• This represents approximately 24.7% 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. However, the lack of specific future guidance or strategic implications keeps the sentiment from being overly bullish.

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.

Risks

• The document does not explicitly mention any risks, but the concentration of ownership by the Slim Family could potentially lead to governance concerns.

Industry Context

This filing indicates a significant ownership stake by a major investor in the energy sector, which could influence market perception of PBF Energy's stability and growth potential. It is common for large investors to accumulate shares in companies they believe have long-term value.

Comparison to Industry Standards

• A 24.7% ownership stake is substantial and would place the Slim Family among the largest shareholders in PBF Energy.
• Other major shareholders in similar refining companies often hold between 5% and 20% of the outstanding shares.
• For example, institutional investors in companies like Marathon Petroleum or Valero Energy often have similar levels of ownership, but rarely does a single family group hold such a large percentage.
• This level of ownership could give the Slim Family significant influence over the company's strategic direction.

Stakeholder Impact

• The increased ownership by the Slim Family could positively impact shareholder confidence.
• The increased ownership could also lead to increased scrutiny from other stakeholders.

Key Dates

Keywords

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