Slim to buy back AT&T's America Movil stake

EFE Ingles |

Mexico City, Jun 28 (EFE).- Two Carlos Slim-controlled companies will acquire AT&T's stake in his America Movil telecoms group, the Mexico City-based firm announced.In a regulatory filing sent to the Mexican Stock Exchange, America Movil said its board authorized Slim's Inmobiliaria Carso and Control Empresarial de Capitales to purchase AT&T International's nearly 5.74 billion series AA shares.The filing said those shares represent 23.81 percent of America Movil's voting stock but only 8.27 percent of the company's capital stock.Inmobiliaria Carso and Control Empresarial de Capitales also informed America Movil that they will acquire 72.8 million of AT&T's series L shares, the filing said, meaning that the U.S. multinational is fully exiting its stake in the Mexican telecoms giant.Based on America Movil's share price Friday, the total value of AT&T's series AA and series L shares comes to roughly $5.84 billion."Upon consummation of the transaction authorized (Friday) by the Board of Directors, AT&T will no longer be a shareholder of America Movil," the filing said, adding that America Movil "recognizes the great value that the partnership with AT&T had for both companies for more than 20 years."AT&T, which agreed in May to acquire DirecTV for $49 billion, said that as part of that deal it would divest its stake in America Movil and remove its three appointees to that company's board in a bid to secure regulatory approval.DirecTV competes in Latin America's pay TV market with America Movil, which also offers telephone and Internet service throughout that region.America Movil, the telecommunications services leader in Latin America, had 272.2 million wireless subscribers and 70.7 million fixed revenue generating units in the Americas at the close of March. EFEjrm/mc

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to:


Symbol Name Price Change % Volume
TLFX Telefix Communications Holdings Inc 0.04 0.00 0.00 0


Emerging Growth

Veritas Pharma Inc.

Veritas Pharma Inc, formerly Seashore Organic Medicine Inc is an emerging producer and distributor of medical marijuana.

Private Markets

Mesa-Marshall 2 Well Project

MESA Resources ("MESA") is sponsoring the development of the two well direct drilling project -- "Mesa-Marshall #1-2". MESA, founded in 1992, is engaged in the acquisition, exploration and development of…

MyForce, Inc.

As parents, we constantly worry about the safety of our loved ones. The media bombards us with incidents from across the nation school shootings, frequent assaults on campuses, and crimes…