Mexico's Telmex To Delist From Foreign Markets, End ADR Program
December 19 2011 - 6:36PM
Dow Jones News
Mexican fixed-line phone company Telefonos de Mexico SAB (TMX,
TFONY, TELMEX.MX) said Monday its shareholders agreed to delist the
company's shares from U.S. and other foreign exchanges.
The decision to delist comes after parent company America Movil
SAB (AMX, AMOV, AMX.MX) acquired an additional 33% of Telmex last
month, bringing its holdings to around 93%.
Telmex said in a press release that its shareholders approved
the decision to delist from the New York Stock Exchange and the
Nasdaq Capital Market, as well as from the Spanish stock market's
Latibex, and to end its American depositary receipts program.
The main purpose is to obtain financial reporting and
administrative efficiencies following America Movil's buyout offer,
Telmex said.
Telmex shares will continue to trade on the Mexican stock
exchange. Neither Telmex nor America Movil have decided whether or
not to pursue a delisting in Mexico, the company added.
America Movil, Latin America's largest mobile phone comany,
acquired around 60% of Telmex in 2010, as billionaire Carlos Slim
began the consolidation of his telecommunications holdings. Last
month's stock offer sought the remaining 40% of Telmex, which is
Mexico's biggest fixed-line company.
-By Anthony Harrup, Dow Jones Newswires, (5255) 5890 5176,
anthony.harrup@dowjones.com
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