America Movil gets approval to snap up remaining piece of Telmex

Carlos Slim's America Movil (NYSE: AMX) has gotten the green light from Mexico's banking and securities commission (CNBV) to acquire the remaining 40.04 percent stake in Telmex (NYSE: TMX).

America Movil's purchase of the rest of Telmex is part of Slim's broader effort consolidate his wireline and wireless telecom holdings.

When the deal closes on Nov. 11, Telmex will be delisted and will become part of the America Movil family of companies.

Daniel Hajj, America Movil's CEO, said that they had plenty of financial weapons to finance the deal and would not need to seek outside funding.

But in an effort to check all of its bases, Carlos Garcia Moreno, America Movil's CFO, did meet with investors to "check" markets.

For more:
- Reuters has this article

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