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 share purchases.

Summary

• Control Empresarial de Capitales S.A. de C.V. purchased 409,000 Class A Common Shares of PBF Energy on November 27, 2024, at a weighted average price of $31.5818 per share.
• An additional 195,000 Class A Common Shares were acquired on November 29, 2024, at a weighted average price of $31.1207 per share.
• Following these transactions, Control Empresarial directly owns 27,563,498 Class A Common Shares of PBF Energy.
• The Slim Family, through a Mexican trust that owns Control Empresarial, may be deemed to indirectly beneficially own the same 27,563,498 shares.
• This represents approximately 23.9% of the 115,123,458 issued and 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 a routine filing and does not contain any information that would cause a major shift in sentiment.

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 at prices ranging from $30.90 to $31.8265, indicating a willingness to invest at these levels.

Risks

• The document does not explicitly state any risks, but the increased ownership concentration could potentially lead to greater influence by the Slim Family.
• The document does not provide any information about the future intentions of the Slim Family or Control Empresarial.

Industry Context

This filing indicates a significant ownership stake in PBF Energy by a major investor group, which could influence the company's strategic direction and market perception. It is common for large investors to accumulate shares in companies they believe have growth potential.

Comparison to Industry Standards

• Large ownership stakes are common in the energy sector, with institutional investors and family offices often holding significant positions.
• For example, similar filings can be seen with other large energy companies such as Marathon Petroleum or Valero Energy, where large shareholders often hold significant stakes.
• The 23.9% stake held by the Slim Family is a substantial position, potentially giving them significant influence over the company's direction, similar to other large shareholders in the industry.

Stakeholder Impact

• Shareholders may view the increased stake by the Slim Family as a positive sign, potentially leading to increased confidence in the company.
• The increased ownership could lead to greater influence by the Slim Family on the company's strategic decisions.

Key Dates

Keywords

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