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 open market purchases.

Summary

• Control Empresarial de Capitales S.A. de C.V. purchased 66,000 Class A Common Shares of PBF Energy on December 11, 2024, at a weighted average price of $30.0401 per share.
• They further acquired 219,000 Class A Common Shares on December 12, 2024, at a weighted average price of $29.5803 per share.
• Following these transactions, Control Empresarial directly owns 28,285,498 Class A Common Shares.
• The Slim Family, through a Mexican trust that owns Control Empresarial, may be deemed to indirectly beneficially own the same 28,285,498 shares.
• This represents approximately 24.6% 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 not a transformative event, hence the score is not higher.

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 state any risks, but the increased ownership concentration could potentially lead to greater influence by the Slim Family.

Industry Context

This filing indicates a significant increase in ownership by a major shareholder, which could influence investor sentiment and potentially impact PBF Energy's strategic direction. It is not uncommon for large investors to increase their stake in companies they believe have growth potential.

Comparison to Industry Standards

• Large ownership stakes are common in the energy sector, with many companies having significant holdings by institutional investors or families.
• For example, similar filings are often seen with companies like Marathon Petroleum or Valero Energy, where large shareholders regularly adjust their positions.
• The 24.6% stake is a substantial holding, placing the Slim Family among the larger shareholders in the industry, though not uncommon for a family with a long term investment horizon.

Stakeholder Impact

• Shareholders may view the increased stake as a positive signal, potentially leading to increased confidence in the company.
• Employees may see this as a sign of stability and long-term commitment from a major investor.

Key Dates

Keywords

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