Bloomberg | January 10, 2011 | Crayton Harrison
America Movil SAB, Latin America’s largest wireless carrier, won approval to delist shares of its Telmex Internacional SAB fixed-line unit as it seeks to merge mobile phones and land lines onto a single network.
Telmex Internacional shareholders voted in favor of the proposal to delist shares from Mexico’s stock exchange today, the Mexico City-based company said in an e-mailed statement. Shares in the U.S. and Spain were delisted last year after America Movil acquired the company in a $25 billion transaction.
America Movil, controlled by billionaire Carlos Slim, is seeking to save on network investments by using a single Internet-based network of fiber-optic cables to funnel data for voice calls, Internet use and video downloads across Latin America. Telmex Internacional has land-line networks in Brazil, Colombia, Argentina, Chile, Uruguay, Ecuador and Peru.
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The delisting will end Telmex Internacional’s almost three years on the Mexican stock exchange after it was spun off from Telefonos de Mexico SAB in June 2008. Investors who bought the shares then would have earned a 35 percent return including dividend reinvestments, compared with a 24 percent gain in Mexico’s benchmark IPC index in the period, according to data compiled by Bloomberg.
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