Telefonica Stalls Argentine Subsidiary IPO Due to Peso Crisis -El Confidencial

--Spanish telecommunications company Telefonica is likely to stall its plans to launch an IPO for its Telefonica Argentina subsidiary as the sharp selloff of the Argentine peso drives inflation fears, Spanish newspaper El Confidencial reports, citing unnamed sources.

--Telefonica hasn't yet taken a decision and is awaiting further developments after Argentina requested a credit line from the International Monetary Fund, El Confidencial says.

--Morgan Stanley and Bank of America Merrill Lynch have told the Spanish company that in the current scenario it is impossible to sell shares in an Argentine company to investors, El Confidencial reports.

Full story in Spanish: https://bit.ly/2rLSqwI

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(END) Dow Jones Newswires

May 17, 2018 06:21 ET (10:21 GMT)

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