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 40,000 Class A Common Shares of PBF Energy on November 11, 2024, at a weighted average price of $29.9782 per share.
• An additional 40,000 Class A Common Shares were purchased on November 12, 2024, at a weighted average price of $30.0925 per share.
• Following these transactions, Control Empresarial directly owns 26,277,498 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 22.8% of the 115,123,458 outstanding Class A Common Shares of PBF Energy.

Sentiment

Score: 7

Explanation: The increased stake by a major investor is generally viewed positively, suggesting confidence in the company's prospects. However, the document is purely transactional and does not provide any forward-looking statements.

Positives

• The increased stake by the Slim Family could be seen as a positive sign of confidence in PBF Energy's future prospects.
• The purchases were made at prices around $30, indicating a willingness to invest at current market 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 by a major investor in the energy sector, which could influence PBF Energy's strategic direction and market perception.

Comparison to Industry Standards

• Large ownership stakes are common in the energy industry, with many companies having significant holdings by institutional investors or families.
• A 22.8% stake is a substantial holding, potentially giving the Slim Family significant influence over PBF Energy's decisions.
• Comparable companies in the refining sector often have similar ownership structures, with a mix of institutional and individual investors.

Stakeholder Impact

• Shareholders may view the increased stake positively, potentially leading to increased share value.
• The increased ownership could lead to changes in the company's strategic direction.

Key Dates

Keywords

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