America Movil, Entel Drop Joint Bid for Movistar Chile, Pursue Solo Deals

Mexico’s America Movil and Chile’s Entel have ended their joint attempt to buy Telefonica’s Movistar Chile unit. The companies said they will still look to acquire the assets, but now plan to pursue separate bids.

The move ends a coordinated approach to taking over Telefonica’s Chilean business, but keeps both operators in the running as individual contenders for the same portfolio.