The AFTIC regulator said on Thursday night that the Fintech "was not in a position to operate and take control" of Telecom Argentina. "The Fintech not demonstrated no experience or expertise," said AFTIC.
Telecom Italia said on Friday that the Fintech indi loan credit insurance cated it plans to appeal the decision.
"In our view, this represents a slight setback to the efforts of Telecom Italia to sell assets and raise cash to reduce debt," said Haitong Research in a statement.
Telecom Italia had 27 billion euros ($ 30.7 billion) in net debt by mid-year.
The Italian group has agreed in November 2013 to sell its contro loan credit insurance lling stake in Sofora holding company of Telecom Argentina, for Fintech, David Martinez financier's investment vehicle, for $ 960 million.
