Form 4: Slim Family Increases Stake in PBF Energy to 21.3% Through Control Empresarial
SEC Form 4 Filing
Control Empresarial de Capitales S.A. de C.V., indirectly controlled by the Slim Family, has increased its holdings in PBF Energy, now beneficially owning approximately 21.3% of the company's Class A Common Shares.
Summary
- Control Empresarial de Capitales S.A. de C.V. (Control Empresarial) acquired additional Class A Common Shares of PBF Energy Inc.
- On October 23, 2024, Control Empresarial purchased 287,100 shares at a weighted average price of $31.9071.
- On October 24, 2024, Control Empresarial purchased 200,000 shares at a weighted average price of $31.7629.
- Following these transactions, Control Empresarial directly owns 24,951,498 Class A Common Shares.
- The Slim Family, as beneficiaries of a Mexican trust that owns Control Empresarial, may be deemed to indirectly beneficially own these shares.
- The 24,951,498 shares represent approximately 21.3% of the 117,149,510 issued and outstanding Class A Common Shares of PBF Energy, as reported on August 1, 2024.
Sentiment
Score: 7
Explanation: The increased stake suggests confidence from a major shareholder, which is generally positive. However, it's a routine filing, so the impact is moderate.
Positives
- The increased stake by Control Empresarial and the Slim Family could be interpreted as a sign of confidence in PBF Energy's future prospects.
Industry Context
Increased ownership by a significant shareholder can sometimes signal confidence in the company's strategy and future performance within the energy sector.
Comparison to Industry Standards
- Comparing PBF Energy's ownership structure to other independent refiners like Valero Energy (VLO) or Marathon Petroleum (MPC) shows that a 21.3% stake by a single entity is a significant holding.
- Similar ownership levels are sometimes seen in companies with strong founder or family involvement, such as the Koch family's influence on Koch Industries, although Koch Industries is not a publicly traded company.
Stakeholder Impact
- Shareholders may view the increased stake positively, potentially leading to a slight increase in stock price.
- Employees may see it as a sign of stability and confidence in the company's direction.
Key Dates
| Date | Description |
|---|---|
| February 3, 2022 | Date of Schedule 13D/A filing by the Slim Family and Control Empresarial with the SEC regarding their beneficial ownership of American Depositary Shares of América Móvil, S.A.B. de C.V. |
| August 1, 2024 | Date of PBF Energy's Form 10-Q filing, reporting 117,149,510 issued and outstanding Class A Common Shares. |
| October 23, 2024 | Control Empresarial purchased 287,100 Class A Common Shares of PBF Energy. |
| October 24, 2024 | Control Empresarial purchased 200,000 Class A Common Shares of PBF Energy. |
| October 25, 2024 | Date of signature for the SEC Form 4 filing. |
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