América Móvil to restructure ownership
Shareholders of Mexico’s Am©rica M³vil have approved a merger with one of its majority shareholders, Am©rica Telecom (Amtel), according to BNamericas quoting a company statement. Amtel is a holding company set up solely to manage a 40.74% equity stake in Am©rica M³vil, one of Latin America’s largest mobile groups by subscribers. Under the agreement Am©rica M³vil will trade 4.07 of its shares for each Amtel share. The transaction is expected to be completed by February 2007. The restructuring will increase Am©rica M³vil’s directly held debt, but will not have a significant impact on the company’s business, Standard & Poor’s corporate ratings director Manuel Guere±a told BNamericas.
