Business Services Industry
ARGENTINA: CITIGROUP SEEKS CONTROL OF LA NACION.(Brief Article)
IPR Strategic Business Information Database, July, 2002
The Argentina unit of the Banking Company Citigroup wants a 58% stake in and management control of the media company La Nacion in exchange for the $100 million in overdue debt that the newspaper publisher owes the banking company. In June, when similar reports circulated widely within Argentine financial circles, an executive of La Nacion told Dow Jones Newswires that his company and Citigroup were in debt repayment talks but denied there was any discussion about Citibank Argentina taking an equity stake in the newspaper.
According to a report by the Buenos Aires Economico, the executive said La Nacion owed $120 million in dollar- denominated debt to Citigroup and the BankBoston unit of FleetFinancial Corp. A proposed law designed to shield politically...
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