On August 14, 2000 the Comisión de Defensa de la Competencia issued a decision that has finally clarified who must file the petition for approval of a merger or acquisition in Argentina.
The two firms acted in the forging of a strategic alliance between Portugal Telecom, Unibanco and Banco Galicia announced on August 1, 2000.
The Law, approved by National Congress on May 10, 2000, (Law #25,248) replaces the former leasing system established by Chapter II of Law #24,441.
The new law, published in the Official Gazette on June 2, 2000 became effective on June 10 and according to analysts will generate more jobs.
On June 1, 2000 the President issued an Extraordinary Executive Order (No. 434/2000) whose principal aim is to help the Federal Administration prevent tax and social security evasion.
The share swap plan, announced in January, involves an offering of a quarter of the companies' value and will consolidate Telefónica's presence in Latin America.
The acquisition on May 15, 2000 leaves Banco Bisel SA and Banco Suquía SA as the largest regional bank group of the country.
May 3, 2000 saw the completion of a secondary offering of approximately 50 million shares of Telecom Argentina Stet France Télécom SA, aggregating approximately US$270 million, the largest Argentine equity transaction of the year in the capital markets.
'Rating the Regulators' survey conducted by Global Competition Review finds pattern of dissatisfaction with the Comisión Nacional de Defensa de la Competencia across the six key areas surveyed.
On April 28 2000 the Comisión Nacional de Defensa de la Competencia approved, with a very minor condition, the acquisition of control by Logidis SAS (Promodes) of Supermercados Norte SA.