America Movil (AMX) To Acquire Telmex (TII)

America Movil S.A.B de C.V (NYSE: AMX), the telecommunications company controlled by the billionaire Carlos Slim Helú, started on Wednesday a $21 billion offer for the Mexican telephone companies Telmex and Telmex Internacional (NYSE: TII) which are controlled through a holding company, Carso Global Telecom S.A. de C.V.(OTC: CGTVY).

Mr. Slim already controls all three companies, America Movil S.A.B de C.V, Telmex and Telmex Internacional S.A.B. DE CV. Now he wants to integrate them to create a provider with fixed-line telephone, mobile and Internet services across Latin America to better compete against growing rivals.

America Movil is Latin America’s top mobile phone provider and plans to buy the two companies through the holding company that controls them, Carso Global Telecom S.A. de C.V. America Movil said that if it was successful in its offer, it would indirectly acquire 59.4 percent of Telmex’s shares in circulation and 60.7 percent of those of Telmex Internacional.