Telmex Internacional Plans To Delist Shares In US, Spain

Mexican phone company Telmex Internacional SAB de CV (TII, TELINT.MX), or Telint, said Tuesday it's proposing to delist from U.S. and Spanish stock markets after wireless company America Movil SAB de CV (AMX, AMOV, AMX.MX) obtained most of its shares in a recent offering.

Telint, a fixed-line company, said the proposal to delist its American Depositary Shares from the New York Stock Exchange and its shares from Madrid's Latibex market for Latin American shares, is aimed at simplifying financial reports and cutting administrative costs since the completion of the acquisition offer. The plan will be voted on at a shareholder meeting Aug. 4.

America Movil acquired 93.6% of Telint and practically all of Carso Global Telecom in a move by billionaire Carlos Slim to consolidate his telecommunications holdings. The roughly $23 billion transaction also gave America Movil nearly 60% of Slim's flagship fixed-line company Telefonos de Mexico SAB de CV (TMX, TFONY, TELMEX.MX), or Telmex.

America Movil's acquisition of Telint fell short of the 95% needed to delist the stock from the Mexican Stock Exchange. Telint said Tuesday that neither of the two companies have yet decided if, or when, they would seek to delist Telint from the local market.

Telint, which was spun off by Telmex in 2008, provides phone, data and Internet services in six South American countries, as well as yellow-page services in five nations, including Mexico and the U.S.

-By Anthony Harrup, Dow Jones Newswires; (5255) 5980-5176, [e-mail]