LatinNews Daily Report - 21 March 2012

Argentina | Clarín for sale. On 20 March the Buenos Aires Stock exchange confirmed that the majority shareholders in Grupo Clarín, Argentina’s largest media conglomerate, would not purchase the 9.11% stake (or 22,147,617 shares) that the US investment bank Goldman Sachs wants to offload. Since the Argentine government approved a new Media Law in late 2009, the group’s shares have been on a downward trend; if Goldman Sachs were to sell its stake for an average US$6.80 per share, it would be able to recover around 30% of its original US$500m investment in Clarín, when it acquired an 18% stake in 1999. In 2011 the group reported profits worth US$522.3m, down 2.9% on 2010.

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