El Salvador rejects América Móvil's acquisition of Telefónica's assets
El Salvador rejected América Móvil's bid to acquire Telefónica`s assets in the country, but allowed the Mexican company to file its request again. The country's Superintendencia de Competencia said in a statement that the request was "inadmissible", and that in April 29 it had notified the company -owned by billionaire Carlos Slim- of the decision.
América Móvil has already told the regulator on May 15 that it will file a new request to have its acquisition approved.
In January, América Móvil announced that it had reached an agreement with regional rival Telefónica to acquire its Guatemala and El Salvador assets for close to US$650mn. El Salvador's assets went for US$315mn. The company has said that it expects the deal to be fully closed by September.
América Móvil said in a statement that its request before the competition authority "has not yet been considered under the terms of el Salvador's competition law," but only in terms of the documentation needed for its approval. The company added that it will soon file a new request taking into consideration the authorities demands.
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