AM shareholders okay consolidation plans

18 Mar 2010

Latin American mobile giant America Movil’s (AM’s) shareholders have reportedly approved proposals that will see the company take control of its two sister companies, according to BNamericas. Under the plans unveiled at the beginning of this year, AM will consolidate Carso Global Telecom (CGT), which holds a majority stake in Mexican fixed line incumbent Telefonos de Mexico (Telmex), and regional fixed line group Telmex Internacional (Telint). As previously reported by CommsUpdate, regulatory approval for the deal was granted by antitrust watchdog Comision Federal de Competencia (Cofeco) in early February, and AM is hopeful that the tie-up could be completed by the end of the first quarter of 2010. Following the mooted transaction AM has said it will delist both CGT and Telint from the stock exchanges on which they are currently listed, while Telmex will remain a publicly traded entity.