Argentina’s President Javier Milei has warned Telefonica SA that his government will review the phone carrier’s plan to sell its local operations to Telecom Argentina SA for a possible breach of anti-monopoly rules. Milei’s foreign minister, Gerardo Werthein, is part of the Werthein family, whose holding company had competed against Telecom Argentina for the deal. Telecom Argentina is partly owned by Grupo Clarin, which is also the holding company for one of Argentina’s largest newspapers, Clarin. Telefonica’s exit follows a broader wave of multinational companies leaving on his watch, including Exxon Mobil Corp., HSBC Holdings Plc and Mercedes-Benz Group AG. Outside a spate of energy and mining deals, long-term investments also haven’t materialized, with companies concerned over how the government will change the country’s currency and capital controls.
February 25, 2025
SOURCE: YAHOO FINANCE
Milei to Review Telefonica’s $1.25 Billion Argentina Sale