April 17, 2015 / 8:25 PM / 5 years ago

UPDATE 1-America Movil shareholders approve tower spin-off plan

(Adds company confirmation)

MEXICO CITY, April 17 (Reuters) - Shareholders in Mexico’s America Movil on Friday approved a plan to spin off around 10,800 cell towers into a new company, Telesites, that will open up their use to competitors, the company said in a statement.

Under the plan, current shareholders will receive the same number and series of shares in Telesites, which will be listed on Mexico’s stock exchange, as they held in America Movil .

Some 98.2 percent of shareholders voted in favor of the plan.

America Movil, which is controlled by the family of billionaire Carlos Slim, first said in July it would separate its towers from the company after a sweeping sector reform forced it to open up its infrastructure. (Reporting by Christine Murray; Editing by Chris Reese)

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