May 22, 2019 / 6:07 PM / 2 months ago

El Salvador says analysis of America Movil-Telefonica deal not concluded

FILE PHOTO: The logo of America Movil in the reception area of the company's corporate offices in Mexico City February 13, 2013. REUTERS/Edgard Garrido/File Photo

SAN SALVADOR (Reuters) - El Salvador’s competition authority said on Wednesday its review of Mexican telecoms firm America Movil’s bid to acquire the local unit of Spain’s Telefonica had not yet been concluded because it did not have all the necessary information.

On Tuesday, the Superintendence of Competition (SC) said the bid by America Movil, which is controlled by the family of Mexican billionaire Carlos Slim, was “inadmissible” and that the company had been informed of the decision.

However, an SC spokeswoman said on Wednesday that the authority had been unable to analyze the bid because it “did not include all the information required by law” and the process was still open.

The competition authority has said that America Movil had on May 15 signaled that it would exercise its right to begin a new attempt to win approval for the Telefonica purchase.

Reporting by Nelson Renteria; Editing by Phil Berlowitz

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