AM given nod to delist Telint shares from Mexican stock exchange

11 Jan 2011

Mexican mobile giant America Movil (AM) has obtained approval to delist the shares of its fixed line group unit, Telmex Internacional (Telint), from the Mexican bourse, according to Bloomberg. Telint’s current shareholders reportedly voted in favour of proposals put forward to delist the unit, and the move comes after the company’s shares were removed from the US and Spanish exchanges last year. The decision to delist follows a USD25 billion transaction carried out by AM, which is controlled by Mexican billionaire Carlos Slim Helu, last year. January 2010 saw the company announce a major organisational revamp, with the ultimate aim of consolidating both of Slim’s other telecoms companies – Carso Global Telecom (CGT) and Telint – with a view to creating a regional telecoms giant offering fixed line, wireless and broadband services to more than 250 million subscribers. For its part, Telint controls fixed line networks in Brazil, Colombia, Argentina, Chile, Uruguay, Ecuador and Peru, and the delisting will bring to an end the unit’s three-year term on the Mexican stock exchange, after it was spun off from Mexican fixed line incumbent Telmex in June 2008.

Mexico, America Movil (AM), Telmex Internacional