Feb. 8 (Bloomberg) -- Grupo Televisa SAB, the world’s largest Spanish-language broadcaster, snapped a three-day slump as Corp. Actinver SAB said the antitrust ruling that sent the stock plummeting may be overturned.
Televisa gained as much as 1 percent in Mexico City trading as it rebounded from the lowest closing price since Sept. 23. The stock was up 0.8 percent to 51.02 pesos at 11:41 a.m. local time. The benchmark IPC index was little changed.
Televisa is seeking to enter the mobile-phone business through a 50 percent stake in carrier Grupo Iusacell SA, whose controlling stakeholder, billionaire Ricardo Salinas, also competes in the broadcast industry. The $1.6 billion deal must be modified to address “grave risks” to competition, the country’s antitrust agency said in a statement yesterday, explaining its Jan. 24 decision to reject the deal.
“The transaction can still be approved,” said Martin Lara, an analyst at Corp. Actinver SAB in Mexico City, in a research note e-mailed today. “The stock price represents an attractive entry point for long-term investors.”
Lara raised his recommendation to “buy” from “hold” in the research note.
--With assistance by Crayton Harrison in Mexico City. Editors: Glenn J. Kalinoski, Richard Richtmyer
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