Telmex Responds To Venezuela Announcement

Teléfonos de México (Telmex) issued a statement Tuesday in which it implied the planned nationalization of Venezuela’s CA Nacional Telefonos (CANTV) would have no impact on the Mexican telco. In April last year Telmex, in a strategic alliance with América Móvil, agreed to buy the 28.5% stake held by Verizon in CANTV for $676.6 million as part of a larger deal. In its statement, Telmex said that, although the offer for CANTV is valid until February 28, the acquisition had not been approved by the local regulator. Telmex and América Móvil shares were hit in trading Tuesday following news of Venezuela’s planned nationalization of its telecoms sector.