AMX Moves to Buy Remaining Telmex Shares

As the last step in an effort to get all of the Mexican billionaire Carlos Slim’s telecom operations under one roof, America Movil (AMX) plans to make a public offer for the 40.04% shares of Telmex it doesn’t own, spending up to MXP76.34bn ($6.51bn). AMX will offer MXP10.50 per share for the approximately 7.2m shares, representing what it says is an 11.1% premium over the average share price of the last 30 days, or a 2.7% premium to Monday’s MXP10.22 close. If successful, AMX would own all of the Telmex shares and de-list its former parent. The operation, which still must be approved by regulators, would complete the consolidation of Slim’s telecommunications holdings. Last year, America Movil acquired Telmex Internacional and Telmex holding company Carso Global Telecom, giving it about 60% of Telmex, in an operation involving stock and cash worth about $23bn.