America Movil’s acquisition of a 40.04% stake in fixed-line operator Telmex has been approved by the Mexican National Banking and Securities Commission (CNBV).
In a statement, America Movil said that its public offer for the shares will start tomorrow…
America Movil’s acquisition of a 40.04% stake in fixed-line operator Telmex has been approved by the Mexican National Banking and Securities Commission (CNBV).
In a statement, America Movil said that its public offer for the shares will start tomorrow and will end on 11 November.
At the time of the deal announcement in early August, America Movil said it offers Ps10.50 (US$0.79) for each of the Telmex shares that it is looking to acquire. Subsequent reports quoted the America Movil CFO, Carlos Garcia Moreno, saying that the offer was worth approximately US$6.5bn.
America Movil currently holds a 59.96% stake in Telmex through its subsidiary, the holding company Carso Global.
AT&T International holds a 8.5% stake in Telmex, while the remaining stake in the company is held by various Mexican and international investors.
AT&T International also holds a 9.2% stake in America Movil itself.
