America Movil ups stake in Telmex to 93%

America Movil (NYSE: AMX) has increased its ownership interest in Telmex (NYSE: TMX) from 60 percent to almost 93 percent after the preliminary results of a shareholder buyout offer.

The move is part of the Carlos Slim's broader effort to consolidate his telecom empire under the America Movil umbrella.

America Movil said in a statement that it holds 92.79 percent after the offer expired on Nov. 11. To increase its stake in Telmex, America Movil will shell out about $4.6 billion. Prior to the deal, America Movil owned almost 60 percent of Telmex.

In a separate filing, the Mexican stock exchange said that Telmex had been removed from the benchmark IPC index and replaced by shares of food franchiser Alsea. It will also stop trading on Wall Street.

For more:
- Reuters has this article

Earnings summary: Wireline in the third quarter 2011

Related articles:
Telmex Q3 2011: Subscriber defections to cable, wireless drive down revenue
America Movil gets approval to snap up remaining piece of Telmex
Telmex's dominant power means facing tighter regulations
America Movil moves to purchase the remaining 40% of Telmex

Suggested Articles

Huawei's quarterly revenue growth expanded at a slower rate due to U.S. sanctions and the impact of Covid-19 on its consumer sector.

Verizon Business has added VNS Application Edge into its Virtual Network Services portfolio to fuel enterprises' edge and cloud deployments.

The industry was a bit surprised this week when Juniper Networks pulled the trigger on Boston-area startup 128 Technology for $450 million in cash.