The owners of Prisma, the system that controls Visa operations in Argentina, have asked the National Commission for the Defense of Competition (CNDC) for more time, “until the markets open up for Argentina,” in order to perform the mandatory sale of the system.
“The way the markets are, I do not think there will be a deal this year,” said the owner of one of the banks that manages Prisma, which also includes Banelco and Pago Mis Cuentas. Prisma had until August to divest 51% of the company.
“Since they earn US$250 million annually, they want to obtain at least 8 years of profit. That is the number they have in their heads. The government will give them one more extension because they know that credit to the banks is being cut also in order to help them… ”
Another option contemplated for the operation is for Prisma itself to raise capital in the stock exchange to seek financing for new projects. At the moment, the only offer (for US$1.2 billion) has been made by Advent, former owner of OCA and Fada Pharma in Argentina.
Full Content: Cronista
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Brazil’s Supreme Court Orders Platform X to Pay $5 Million in Fines Before Service Can Resume
Sep 29, 2024 by
CPI
Oasis Ticket Price Surge Sparks Urgent Calls for Dynamic Pricing Reform
Sep 29, 2024 by
CPI
Grocers, Small Businesses Demand Fair Competition in Letters to Trump, Harris
Sep 29, 2024 by
CPI
Flipkart Sellers Sue Indian Antitrust Watchdog Over Competition Law Violation Findings
Sep 29, 2024 by
CPI
Meta Fined by EU for Data Protection Breach
Sep 29, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Refusal to Deal
Sep 27, 2024 by
CPI
Antitrust’s Refusal-to-Deal Doctrine: The Emperor Has No Clothes
Sep 27, 2024 by
Erik Hovenkamp
Why All Antitrust Claims are Refusal to Deal Claims and What that Means for Policy
Sep 27, 2024 by
Ramsi Woodcock
The Aspen Misadventure
Sep 27, 2024 by
Roger Blair & Holly P. Stidham
Refusal to Deal in Antitrust Law: Evolving Jurisprudence and Business Justifications in the Align Technology Case
Sep 27, 2024 by
Timothy Hsieh