BUENOS AIRES, Feb 23 (Reuters) - Investment firm Fintech launched a bid on Tuesday for Class B shares of Telecom Italia’s Argentine unit listed on the Buenos Aires Merval stock exchange, the company said in a statement.
Fintech, the investment vehicle of Mexican financier David Martinez, said it was offering 46 Argentine pesos per share. The bid did not include Class C shares which are owned by the main shareholders.
Argentina’s telecoms regulator last October blocked the sale of Telecom Argentina to Fintech, saying the company had no expertise in telecommunications.
Telecom Italia had agreed in November 2013 to sell its controlling stake in Telecom Argentina’s holding company Sofora to Fintech for $960 million.
A 17 percent stake in Sofora was transferred to Fintech in October 2014 for $216 million, while the remaining 51 percent was to be sold after the regulator approved the deal.
Under the terms, Telecom Italia and Fintech have until the end of April 2017 to close the sale. (Reporting by Walter Bianchi; Writing by Sarah Marsh; Editing by Diane Craft)