Following the successful completion of America Movil’s tender for Mexican telco Telmex, Telmex will delist its shares from NYSE, NASDAQ, and the Mercado de Valores Latinoamericanos en Euros in Madrid. It will continue to be listed on the Bolsa Mexicana…
Following the successful completion of America Movil‘s tender for Mexican telco Telmex, Telmex will delist its shares from NYSE, NASDAQ, and the Mercado de Valores Latinoamericanos en Euros in Madrid. It will continue to be listed on the Bolsa Mexicana de Valores.
Telmex also said it would terminate its American Depositary Receipt (ADR) programme and notify JP Morgan about it. JP Morgan will then provide 30 days’ notice of termination to all holders of ADRs.
The delisting and the termination of the ADR programme were approved by Telmex’s shareholders on 19 December.
“The main purpose of delisting is to obtain efficiencies in its financial reporting and administrative costs following the completion of the recent tender offer for Telmex shares by America Movil,” the company said in a statement.
In late November, Mexican telecoms group America Movil acquired a stake of over 33% in Telmex for approximately US$4.6bn.
America Movil already held a 59.96% stake in Telmex through its subsidiary Carso Global Telecom.
