Argentine regulators rejected a bid by Mexican financier David Martinez to buy a controlling stake in Telecom Argentina SA from Telecom Italia SpA, arguing that his Fintech Group isn’t qualified to run a telecommunications business in the South American nation.
The Aftic regulator unanimously rejected the proposal for Fintech to buy a 68 percent holding in Sofora Telecomunicaciones, the company Telecom Italia uses to control Telecom Argentina. Fintech, an investment fund, couldn’t guarantee the normal functioning of a telecommunications company, according to the regulator.
