Cemex Sheds Axtel Shares for $257m

Cemex has sold most of its stake in Mexican telecom Axtel, netting $257m. The 119m shares represent 9.5% of Axtel’s total equity capital and 90% of the stake the cement producer held in Axtel as part of a long-term investment strategy. CFO Rodrigo Trevino says proceeds will be used to repay debt, and that the forward contracts used in the transaction will allow Cemex to benefit from future appreciation in the shares. Separately, Cemex is preparing to sell MXP3bn in peso-denominated bonds this month.