Telefe owner vies to take over dairy company SanCor

Gustavo Scaglione, a prominent businessman known for owning media properties such as UNO Santa Fe, UNO Entre Ríos, and La Capital de Rosario, and who recently gained national prominence after acquiring Telefe, is emerging as a key contender to take control of the struggling dairy company SanCor. He is reportedly leading a group of local and international investors interested in the Sunchales-based firm.

SanCor, a major dairy producer headquartered in the province of Santa Fe, was officially declared bankrupt by the judiciary after its Board of Administration filed for bankruptcy. This move followed a period of significant financial difficulties for the cooperative.

Recently, the court convened a meeting for interested parties to present information on SanCor's assets. Several firms participated, including France's Savencia (owner of Milkaut, Adler, Santa Rosa, and Ilolay in Argentina), Adecoagro (controlling Las Tres Niñas, Apóstoles, and Angelita), Punta del Agua SA (specializing in cheeses), Elcor SA (managing La Tonadita butter and cream products), and La Tarantela (a cheese specialist).

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the possibility of making an integral proposal with the backing of foreign partners

Although Scaglione was not present, the trade union Atilra reported that he conveyed "the possibility of making an integral proposal with the backing of foreign partners." Industry sources have noted Scaglione's potential management approach, but questions remain about the feasibility of efficiently managing a complex dairy industry with numerous stakeholders. The primary uncertainty lies in identifying which local or foreign capital groups are willing to join Scaglione's initiative, beyond the legal and logistical support provided by the Rosario-based firm Casanova, Fesser, Salvatierra y asociados.

Scaglione's interest in SanCor is not new. He was part of a smaller group of businessmen who attempted to form a trust to acquire SanCor in 2023 during the previous administration. That initiative, aimed at providing capital and management to help the cooperative overcome its challenges, ultimately failed. Scaglione now appears to believe the time is right to pursue what was previously unattainable.

When approached for comment on the progress of the potential acquisition, Scaglione's group acknowledged that the process is "moving slowly." This pace is attributed to the numerous judicial stages yet to be completed, including the drafting of tender documents for interested bidders. Provincial government sources have expressed concern over the resolution of SanCor's situation, confirming that several steps remain before the process can conclude. A source from the Santa Fe labor ministry acknowledged Scaglione's group's interest but emphasized the remaining procedural hurdles.

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moving slowly