Citigroup tries to keep ownership of Avantel
Fecha Domingo, febrero 17 @ 11:35:17
Tema Banca y Finanzas:: Finances & Big Blue
| Citigroup has entered into negotiations with the National Foreign Investment Commission to keep the 55% of Avantel shares, which Grupo Financiero Banamex-Accival owned prior to its acquisition by Citigroup.
As a result of the acquisition Avantel's foreign ownership rose to 100%, which contravenes Mexican law limiting foreign ownership in fixed-line telephone companies to 49% (wireless telephone companies can be 100% foreign owned). However, the desperate need to expand telecommunications infrastructure will give Citigroup room to bargain for an exemption
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