AM formally launches bid for remainder of Telmex stake

12 Oct 2011

Latin American telecoms giant America Movil (AM) has launched an offer to acquire the stock it does not currently own in Mexican fixed line incumbent Telefonos de Mexico (Telmex). According to Reuters the company has confirmed that it will offer MXN10.5 (USD0.79) per share for the telco, a price it says is in line with the initial announcement of the bid back in August 2011. The development comes hot on the heels of reports at the start of this week that AM’s proposal to purchase the holding had been approved by Mexico’s banking and securities commission (CNBV). The bid for Telmex is now expected to close on 11 November, following which the operator will be delisted.

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