August 17, 2012 / 3:30 AM / 7 years ago

Mexico's America Movil looks to complete Telmex delisting

MEXICO CITY (Reuters) - Latin America’s biggest cell phone company America Movil said on Thursday it is seeking to complete the process to delist its Telmex home-phone unit by offering to buy the remaining 2.79 percent of the Mexican company’s shares still outstanding.

America Movil (AMXL.MX) first launched an offer to buy the chunk of Telmex TELMEXL.MX - about 40 percent - that it did not already own last August, offering 10.50 pesos a share.

That offer concluded in November. America Movil held 97.2 percent of Telmex’s stock at the end of April and said in a U.S. regulatory filing that it planned to delist the home phone company from exchanges in Mexico and New York.

America Movil, owned by billionaire Carlos Slim, now hopes to snap up the remaining shares by offering 10.2250 pesos a share.

The company said the price was equivalent to last year’s offering, taking into account dividends paid since then.

The small number of Telmex shares outstanding has led to limited trading in the shares on Mexico’s stock exchange, but Reuters data show the shares closed at 10.00 pesos on Thursday.

($1 = 13.1429 Mexican pesos)

Reporting by Elinor Comlay; Editing by Jacqueline Wong

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