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

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