Poste Italiane in preliminary talks to buy Correo Argentino majority – report

Poste Italiane SpA has started preliminary talks with Socma Americana SA regarding the acquisition of a majority stake in Correo Argentino, the postal service concession of Socma’s Sideco Americana SA unit, Buenos Aires Economico reported, citing market sources.

Deutsche Post AG is already holding talks with Socma, while some of France’s La Poste executives are expected this week in Buenos Aires, the report said.

Socma is to dispose of its stake under a scheme similar to the one it tried to implement when it attempted to merge Correo Argentino with independent mail operator Organizacion Coordinadora Argentina SA (OCA), controlled by Exxel Group’s International Mail Corp, BAE said.

Economy Minister Domingo Cavallo and Infrastructure Minister Carlos Bastos, as well as other officials, have given their approval to the sale scheme, the report said.

The talks with Deutsche Post have not been successful so far because the German negotiating team found that the Argentine regulatory framework is unclear and inappropriate, the report said.
AFX Europe/Financial Times