Form 4: Slim Family's Control Empresarial Sells PBF Energy Shares, Maintains Significant Stake

Control Empresarial de Capitales S.A. de C.V., linked to the Slim Family, disposed of PBF Energy shares in two transactions but remains a significant shareholder.

Summary

• Control Empresarial de Capitales S.A. de C.V., a company associated with the Slim Family, reported changes in its beneficial ownership of PBF Energy Inc. shares.
• On September 20, 2024, Control Empresarial sold 250,000 Class A Common Shares at a weighted average price of $31.7844.
• On September 23, 2024, the company sold an additional 265,000 Class A Common Shares at a weighted average price of $31.8694.
• Following these transactions, Control Empresarial directly owns 23,217,398 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.
• These shares represent approximately 19.8% of the 117,149,510 issued and outstanding Class A Common Shares of PBF Energy, as reported on August 1, 2024.

Sentiment

Score: 5

Explanation: Neutral sentiment. The document simply reports transactions without expressing any positive or negative outlook. The sale of shares is a slightly negative signal, but the continued large holding is a positive.

Positives

• The Slim Family, through Control Empresarial, maintains a significant ownership stake in PBF Energy, indicating continued confidence in the company.

Negatives

• The sale of shares by Control Empresarial could be interpreted as a slightly negative signal, although the remaining stake is still substantial.

Risks

• Further sales of shares by Control Empresarial could put downward pressure on PBF Energy's stock price.
• Changes in the Slim Family's investment strategy could impact their holdings in PBF Energy.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by significant shareholders, providing transparency to the market.

Comparison to Industry Standards

• Similar filings are common among major shareholders in publicly traded companies across various industries.
• The level of detail provided in this filing is consistent with SEC requirements for Form 4 disclosures.
• Comparing the Slim Family's investment decisions with those of other major shareholders in the energy sector could provide insights into broader industry trends.

Stakeholder Impact

• Shareholders may react to the news of the share sales, potentially impacting the stock price.
• The continued significant ownership by the Slim Family could reassure some investors.

Key Dates