MPG was awarded the account for the Coca-Cola, Diet Coke, Fanta and Sprite brands after a three-month pitch against Starcom, MediaCom and Universal. The appointment is effective from January 2005.
The move comes as another blow to Universal McCann, which has witnessed a recent flow of Coke business out of its network. Only last week, it lost the planning portion of Coca-Cola Australia's A$40m (£16m) media account to newcomer Naked Communications.
In February this year, Coca-Cola consolidated its $18m (£9.3m) Hong Kong media planning and buying business with Starcom, pushing Universal McCann out of the planning side of its business.
Ramiro Castillo Marin, chief executive of MPG Argentina, said: "MPG is proud to service Coca-Cola de Argentina, a company strongly committed with innovative marketing strategies for its brands. Coca-Cola and MPG share a strong leading attitude."
MPG has offices in 56 countries with more than 2,500 staff.
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