Latin American telecoms giant America Movil (AM) has reportedly revealed that, on the back of preliminary results of a shareholder buyout offer, its stake in Mexican fixed line incumbent Telefonos de Mexico (Telmex) had risen to nearly 93% compared to the almost 60% it held prior to the offer. According to Bloomberg, AM will pay around MXN62.1 billion (USD4.6 billion) for the increased holding, with the company having funded the purchase via the sale of more than USD5billion in bonds in the UK, Japan, Switzerland and the US since August 2011. As noted in TeleGeography’s GlobalComms Database, August 2011 saw AM chairman and controlling shareholder Carlos Slim confirm he was looking to complete the restructuring of his telecoms empire amid reports that AM had offered to buy the 40.4% stake in Telmex that it did not already own.
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OVETEL AM boosts Telmex stake to almost 93%
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