Telmex Sells MCI Stake

Telefonos de Mexico (Telmex) sold its 13.4 pct stake in US communications company MCI to Verizon Communication for some $1.1 billion. Under the sales contract Telmex is entitled to further cash payments if Verizon’s share price exceeds $35.52. Telmex owner Carlos Slim reached an agreement with Verizon last month to support it in its battle with US firm Qwest Communications International for the MCI stake.