Government extends hold on Correo Argentino
President Kirchner administration has decided to extend for another year its hold in the mail service Correo Argentino, before to re-privatize it. The government ended the concession contract with Macri group and took over the management of Correo in November 2003, and is improving the company performance while seeking several alternatives that could be floating shares in the stock market, issue a tender to win an international partner, or associate with an international mail service, in this case the favorite would be the German mail service. Correo leads the mail services reporting in 2004 a 6% increase on letters deliveries, and 20,6% up the packages and documents handling. By end 2004 Correo showed gross profits of Pesos$98,943mil.