America Movil (NYSE: AMX) has gotten permission to delist the shares of its wireline group Telmex Internacional (Telint) from the Mexican bourse, reports Bloomberg.
Telint's shareholders said in an e-mail statement that they voted to remove the shares from the Mexican stock exchange. Last year, the shares were removed from the U.S. and Spanish stock exchanges.
The delisting of Telint's shares is one of the last elements of Mexican business tycoon Carlos Slim's effort to consolidate Carso Global Telecom and Telint under America Movil, a move that will create a telecom service provider superpower that will serve over 250 million users.
Telint, which was listed as a separate company on the Mexican stock exchange after it was spun off from Telmex in 2008, operates wireline networks in Brazil, Colombia, Argentina, Chile, Uruguay, Ecuador and Peru.
Slim's moves are all about fending off a growing base of Latin American competitors, including Spain's Telefonica, that are increasingly gaining ground in Mexico and other Latin American telecom regions.
After years of being the only wholesale service provider game in town, the new America Movil will also face a new competitor in a joint consortium of three competitive carriers (Televisa, Telefonica and Megacable), which won the rights to dark fiber lines from Mexico's utility monopoly Comision Federal de Electricidad last June.
- Bloomberg has this article
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