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Name | Symbol | Market | Type |
---|---|---|---|
America Movil SAB de CV | NYSE:AMX | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.53 | 2.90% | 18.83 | 18.885 | 18.29 | 18.29 | 1,331,412 | 00:20:07 |
By Anthony Harrup
MEXICO CITY--Shares of Mexican telecommunications heavyweight America Movil SAB (AMX, AMX.MX) opened sharply lower Monday after U.S. giant AT&T Inc. (T) said it plans to sell its roughly 8% stake in the company as part of its $49 billion acquisition of DirecTV.
Shares of America Movil, controlled by billionaire Carlos Slim, were recently off 4.7% at 12.60 pesos (98 cents) on the Mexican stock exchange.
AT&T, a long-time investor in America Movil and its forerunner Telmex, said it plans to unload the $6 billion stake to facilitate regulatory approval of its purchase of DirecTV, which competes with Mr. Slim's company in pay television in Latin America.
AT&T has already been reducing its holdings in the Mexican company in the open market, selling $320 million worth in the first quarter after selling $1.2 billion in 2013.
America Movil declined to comment on the decision late Sunday, or to say whether it will buy back the stake.
Mr. Slim's company last week launched a buyout offer for shares of Telekom Austria (TKA.VI) not owned by itself or by Austrian government holding company OeIAG. If all shares are tendered, the deal will cost America Movil around $1.9 billion. That doesn't include the Mexican company's share of a planned Telekom Austria capital increase, which could mean another $1 billion.
America Movil's net debt at the end of March stood at around $33.6 billion, equivalent to 1.6 times earnings before interest, taxes, depreciation and amortization.
Write to Anthony Harrup at anthony.harrup@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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