Carlos Slim is on the cusp of consolidating his telecoms empire after announcing that he now owns 92.7% of Telmex Internacional and 99.4% of Carso Global Telecom.
The telecoms magnate wrapped up the tender offers he made for both of these firms in a plan…
Carlos Slim is on the cusp of consolidating his telecoms empire after announcing that he now owns 92.7% of Telmex Internacional and 99.4% of Carso Global Telecom.
The telecoms magnate wrapped up the tender offers he made for both of these firms in a plan to shift control of Telmex to his flagship company, America Movil, the biggest provider of cellphone services from Mexico to Argentina. America Movil also operates in the US.
Carso Global holds a majority stake in Telmex.
America Movil will pay about US$2.1bn to the shareholders of Telmex who elected to receive cash.
However, the company may face a minor setback in its original plan for consolidation.
America Movil “needed to successfully purchase at least 95% of each company’s shares in order to delist them from the Bolsa (stock market), but failed to reach this level for Telmex Internacional,” wrote analyst Vera Rossi from Morgan Stanley.
Seeking shareholders’ votes to attempt to gain control of the remaining stock required for delisting Telmex Internacional could be one option for America Movil, Rossi said, although she does not foresee the company increasing the offer price.
