Telecom Italia says Fintech asks for extension on Argentina deal

jueves 25 de septiembre de 2014 17:41 GYT
 

MILAN, Sept 25 (Reuters) - Investment company Fintech has asked Telecom Italia to further extend an agreement to buy the Italian group's controlling stake in Telecom Argentina, Telecom Italia said on Thursday, in a last-minute attempt to ensure the sale goes through.

Telecom Italia, which agreed to sell its 22.7 percent stake in Telecom Argentina to the investment company of Mexican billionaire David Martinez for $960 million almost a year ago, said in a statement it would examine Fintech's proposal at a board meeting on Friday.

Completion of the deal, originally due by early August, has already been delayed twice awaiting regulatory approval in Argentina, which has not yet materialised.

This month Telecom Italia CEO Marco Patuano said the group would rethink the deal if local regulators did not approve it by Sept. 25, raising the possibility the deal could fall apart.

The statement by the Italian company did not give details on the new proposal from Fintech, and a Telecom Italia spokesman was not immediately available for comment. (Reporting by Danilo Masoni; Editing by James Dalgleish)