AT&T sells part of stake in America Movil for $282 million
(Reuters) - AT&T this month sold 250 million shares in Mexican telecoms giant America Movil for $282 million, a filing with the U.S. Securities and Exchange Commission said on Tuesday.
Between December 3 and December 20, AT&T International, a unit of AT&T (T.N), sold some of its series "L" shares of America Movil, which is controlled by Mexican billionaire Carlos Slim.
"From time to time we rebalance our asset levels and raise cash for general corporate purposes," a spokeswoman for AT&T said in an email.
In its third quarter report, the company said it had a 9.1 percent overall stake in America Movil (AMXL.MX), which controls more than 70 percent of Mexico's cellphone market and about 80 percent of its fixed line market. American Movil has three share classes including the L shares.
The firm, Latin America's biggest telecommunications company, is facing increasing local competition after a government reform was passed earlier this year to boost competition in the market.
America Movil shares closed up 0.13 percent at about 15 pesos on Tuesday, on a shortened day of trading for the Christmas holiday.
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