Mexican stand-offish: Telmex and AM ignore Chávez's threats

21 Aug 2006

Mexican telecoms group Telmex is unfazed by Venezuelan President Hugo Chávez’s recent threats to nationalise his country’s fixed line incumbent CANTV, reports BNamericas. Telmex and sister company América Móvil are still in the process of finalising their agreement to acquire a 28.5% stake in CANTV from US telecoms firm Verizon and buy out all other shares in the operator. ‘We still have firm intentions of buying the Venezuelan telephone company,’ Mexican newspaper La Jornada quoted Telmex’s director for strategic alliances, communication and institutional relations, Arturo Elías Ayub, as saying. In a televised speech President Chávez threatened to nationalise CANTV if the firm does not pay money owed to pension funds. Ayub said that Telmex would honour any commitments CANTV has made.

Venezuela, America Movil (AM), CANTV, Telefonos de Mexico (Telmex)