The Argentine president, Javier Milei, has threatened the possibility of torpedoing the sale of the telephone subsidiary in Argentina for 1,245 million dollars (around 1,190 million euros to the current exchange) to Telecom Argentina, controlled by the Clarín media group , hiding in the defense of free competition.
As soon as the news is communicated to the Spanish and Argentine stock supervisors, the Argentine president’s office issued a statement in which he emphasizes that he will defend the free competition and choice of users.
Specifically, the statement indicates that “based on versions that circulate on the potential acquisition of the telephone group by Telecom, of the Clarín Group, the National Communications Entity (ENACOM) will be given to the National Commission for the Defense of Competition (CNCD) to assess whether this operation does not constitute the formation of a monopoly. “
According to the Presidency, this acquisition “could leave approximately 70% of the telecommunications services in the hands of a single economic group, which would generate a monopoly formed thanks to decades of state benefits that received by said company. If so, the State Nacional will take all relevant measures to avoid it, “according to the newspaper ‘Clarín’.
The statement indicates that “the current regulatory framework establishes a control system on transfers, assignments and acquisitions in the case of information and communications, and as it occurs in other countries of the West, the national government is committed to avoiding training of a new monopoly, which with these characteristics, created in the light of decades of state benefits, would go against free competition and attempt against the deflationary process that is going through the Argentina”.
Thus it emphasizes that “this government fell inflation for the communications segment of 15.6% in December from 2023 to 2.3% in January of this year, and is determined to continue that process.”
The presidency statement concludes pointing out that “the National Government will take all measures to guarantee the right of choice of users, free competition, and accessibility to services and telecommunication.”
This is the first divestment of great draft since Marc Murtra assumed the presidency of Telefónica on January 18 and is aligned with the Spanish telecation strategy to “gradually reduce” his “exposure to Latin America.”
The total price for 100% of the shares transmitted amounts to 1,245 million US dollars (approximately 1,189 million euros at the current exchange rate). The signature and closing of the transaction took place simultaneously today. This operation is framed within the asset portfolio policy of the Telefónica Group.
