Slim's America Movil seeks to launch telecoms offer
MEXICO CITY |
MEXICO CITY (Reuters) - Leading Latin American wireless operator America Movil (AMXL.MX), controlled by billionaire Carlos Slim, asked for authorization to launch a tender offer for Carso Global Telecom TELECOMA1.MX and Telmex Internacional TELINTL.MX, the stock exchange said on Wednesday.
The two companies are also controlled by Slim, and the offer is part of the tycoon's plan to consolidate his telecom assets, including fixed-line operator Telmex (TELMEXL.MX), under his flagship America Movil.
Slim, who beat Microsoft founder Bill Gates to top Forbes' list of the world's wealthiest people, is seeking approval from financial regulators for the consolidation plan announced in January and backed by shareholders.
Mexico's competition watchdog has already approved the plan.
As regional competition in telecommunications heats up, Slim wants to integrate his companies to create a provider with fixed-line telephone, mobile and Internet services across Latin America to better challenge rivals.
Once Slim's companies are combined, America Movil will have clients with a total of 250 million connections, making it one of the world's largest telecom operators and putting it ahead of rival Telefonica's (TEF.MC) 169 million fixed-line, wireless, Internet and television connections across Latin America.
(Reporting by Mica Rosenberg; Editing by Lincoln Feast)
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