Slim's America Movil seeks to buy out Telmex
MEXICO CITY (AP) — The cell phone company controlled by Carlos Slim says it plans to buy the 40 percent of Telefonos de Mexico SAB, or Telmex, it doesn't already own as part of a consolidation plan it began last year.
An America Movil statement says the company will offer 10.40 pesos (US$.90) in cash per Telmex share.
It said Monday that if the company gets sufficient shares it will delist Telmex from the markets where it trades.
America Movil said Monday that if the consolidation is completed it will be able to provide "more advanced telecommunication services to its customers in Mexico."
America Movil is Latin America's largest cell phone service provider with 236 million subscribers. Telmex controls more than 80 percent of Mexico's land lines.