Mergers and Acquistions News
Categories: Telecoms
November 14th 2011, 16:33PM
Mexican telecommunications powerhouse America Movil has today (November 14th) announced the acquisition of a further 33 per cent of rival firm Telefonos de Mexico (Telmex).
The firm - which has 256 million subscribers across the Americas region - now holds 92.79 per cent of the other company's stock to add to its existing holding of nearly 60 per cent.
According to Reuters, Telmex has now been removed from the benchmark IPC stock exchange and is also poised to cease trading on Wall Street ahead of the completion of this deal.
In a statement, America Movil revealed it has now "received authorisation from the Mexican securities regulator Comision Nacional Bancaria y de Valores to commence its previously announced tender offer for the shares of Telmex".
This means, the firm is now free to complete the agreement to purchase the remaining shares in the company it does not already own "directly or indirectly", it added.
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