Form 4: Slim Family's Control Empresarial Sells PBF Energy Shares

Control Empresarial de Capitales S.A. de C.V., linked to the Slim Family, disposed of PBF Energy shares in two transactions on September 5th and 6th, 2024.

Summary

• Control Empresarial de Capitales S.A. de C.V., associated with the Slim Family, reported changes in beneficial ownership of PBF Energy Inc. shares.
• On September 5, 2024, 805,300 Class A Common Shares were sold at a weighted average price of $32.6165.
• On September 6, 2024, an additional 452,500 Class A Common Shares were sold at a weighted average price of $32.1487.
• Following these transactions, Control Empresarial directly owns 21,087,398 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, representing approximately 18.0% of the outstanding Class A Common Shares.

Sentiment

Score: 5

Explanation: Neutral sentiment as it reflects a transaction without explicit positive or negative implications. The impact on the stock price will depend on market interpretation.

Negatives

• The Slim Family, through Control Empresarial, reduced their holdings in PBF Energy.

Risks

• Continued selling pressure from major shareholders like Control Empresarial could negatively impact PBF Energy's stock price.

Industry Context

Share sales by significant shareholders are common and can be driven by various factors, including portfolio rebalancing or strategic decisions by the shareholder. The impact on PBF Energy's stock will depend on market perception and the reasons behind the sale.

Comparison to Industry Standards

• It's difficult to compare this transaction directly to industry standards without knowing the specific reasons behind the share sales.
• However, large institutional investors and major shareholders regularly adjust their positions in publicly traded companies.
• Similar transactions can be seen with other energy companies when major shareholders decide to reduce their exposure or reallocate capital.

Stakeholder Impact

• Shareholders may react to the news of the share sales, potentially impacting the stock price.
• The company's operations are unlikely to be directly affected by this transaction.

Key Dates