Posts tagged america movil
* Brazil’s Bovespa falls through key support * Mexico’s America Movil maintains rebound momentum * Brazil Bovespa falls 0.7 pct; Mexico IPC up 0.5 pct By Danielle Assalve SAO PAULO, March 25 (Reuters) – Brazilian stocks fell to an eight-month low on Monday, hurt by losses in iron miner Vale, while Mexican stocks rose as America Movil, billionaire Carlos Slim’s telecommunications firm, continued to rebound after a recent slump. Brazil’s Bovespa index broke below a key suppor
NEW YORK (Reuters) – Spain's Amancio Ortega, the co-founder of the Inditex fashion group, leapt over Warren Buffett and France's Bernard Arnault to become the world's third richest person on Forbes' 2013 annual ranking of billionaires, with an estimated net worth of $57 billion. Mexico's Carlos Slim, who has taken a hit from the slump in the share price of his America Movil telecoms group since the list was calculated as of February 14, remained the richest person with a fortune of $73 billion, and Microsoft co-founder Bill Gates held on to the No. 2 spot with a net worth of $67 billion. …
MEXICO CITY (Reuters) – Mexican billionaire Carlos Slim ramped up his bid for a bigger stake in KPN by purchasing more shares of the Dutch telecommunications company at a lower price than his outstanding tender offer for up to 27.7 percent of the company. America Movil , the jewel of Slim's empire, said on Monday it entered into four separate transactions to buy an aggregate 6 million ordinary shares of KPN , bringing its holding in the Dutch firm to 7.3 percent. "All these transactions were entered into a price in cash of 7.8 euros per ordinary share," the company said in a statement. …
AMSTERDAM (Reuters) – Morgan Stanley has emerged as one of the biggest shareholders in KPN , the Dutch telecoms firm that Mexican billionaire Carlos Slim has targeted as a long-term investment and a stepping stone into Europe. Morgan Stanley does not hold KPN shares on behalf of Slim’s company America Movil , which is seeking to take a 28 percent stake in KPN via a tender offer, a spokeswoman for Slim’s group told Reuters. It was not clear whether Morgan Stanley, which declined to comment, held the stake on its own account or for clients. …
By Dave Graham and Tomas Sarmiento
MEXICO CITY (Reuters) – A multibillion dollar offer by Mexico’s Carlos Slim to raise his stake in a Dutch telecoms firm may mark the start of a push to expand his reach into Europe, where a debt crisis is opening up opportunities for the world’s richest man.
Slim’s principal cash cow, telecoms group America Movil, said on Monday it aimed to buy up to 28 percent of Dutch company KPN, to give the Mexican a base for future expansion in Europe.
The 72-year-old billionaire has focused his activities in the Americas over the past decade, building a fortune of more than $60 billion with the aid of rapid economic growth in countries like Brazil.
Having carved out an empire extending from the United States to Chile, Slim’s plunge into the Netherlands likely signals a bet to plan ahead for when Europe emerges from the economic turmoil that has dogged it for nearly four years.
Europe has lurched from the global financial crash in late 2008 to a grinding sovereign debt crisis that has depressed share prices, opening doors to cash-rich investors like Slim.
“This is the ideal moment for Slim in Europe,” said Jose Martinez, Slim’s biographer in Mexico. “The business in the Netherlands would be an illustration of that. It’s the spearhead to go looking for offers at this time of crisis.”
America Movil already holds nearly 5 percent of KPN’s stock and the company proposed paying 8 euros per share to raise the stake to 28 percent, at a cost of around $3.5 billion.
Buying in a downturn would be “typical” of Slim, who has always been keen to find a way into Europe, added Martinez.
Slim laid the groundwork for his international telecoms empire by picking up assets across Latin America when other investors panicked after the dot-com bubble
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AMSTERDAM (Reuters) – Dutch telecom group KPN NV hit back at a surprise stakebuilding attempt by Mexico’s America Movil , saying it was substantially undervalued by the 3.2 billion euros ($4.2 billion) plan designed to give the Mexican group a base for possible European expansion. America Movil, the telecoms group controlled by tycoon Carlos Slim, is seeking a stake in KPN of up to 28 percent and sees it as a long-term investment that would give it a presence in Europe at a time when the Mexican group has run out of opportunities to expand at home. But KPN said the offer was pitched too low. …
AMSTERDAM (Reuters) – America Movil , the telecoms group controlled by Mexican tycoon Carlos Slim, is seeking a stake worth up to 3.2 billion euros ($4.2 billion) in Netherlands-based KPN NV , seeing it as a base for potential expansion in Europe. America Movil wants to own up to 28 percent of KPN and sees it as a long-term investment that would give it a presence in Europe at a time when the Mexican group has run out of opportunities to expand at home. …
AMSTERDAM (Reuters) – America Movil , the telecoms group controlled by Mexican tycoon Carlos Slim, has offered to buy a stake worth up to 3.2 billion euros ($4.2 billion) in Netherlands-based KPN NV , seeing it as a base for potential expansion in Europe. America Movil, which is seeking up to 28 percent of KPN, sees the move as a long-term investment that would give it a presence in Europe at a time when the Mexican group has run out of opportunities to expand at home, its chief financial officer said on Tuesday. …
The ongoing kerfuffle between Mexico’s Federal Competition Commission and Carlos Slim’s America Movil (Telcel’s parent company) took a drastic turn earlier today. According to the CFC, a deal has been reached with Slim’s telecom outfit that, among other things, will revoke the 11,989,000,000 pesos fine (about $1 billion dollars) imposed back in 2011. That being said, the wealthiest man on the globe isn’t completely off the hook, as America Movil’s been given five new demands that must be adhered to. Among these are reducing the current per-minute interconnection rates from .95 to .36 pesos, sharing the Telcel waves with other companies in the country and routinely providing the CFC with extensive details to prove the aforementioned requirements are being followed. Should America Movil not live up to its end of the deal, the Mexican regulator could hit Carlos Slim & Co. with a fine of up to eight percent of Telcel’s annual revenue — which, needless to say, is a heck of a lot of cash.
CFC backtracks on Slim’s near-billion dollar fine in Mexico, lays out other terms and conditions originally appeared on Engadget on Thu, 03 May 2012 22:24:00 EDT. Please see our terms for use of feeds.
MEXICO CITY (Reuters) – Mexico’s competition watchdog said it had reached a decision on whether to uphold a fine of almost $1 billion against Telcel, the mobile phone company owned by billionaire Carlos Slim, and would reveal details of the ruling in coming days. The federal competition commission known as Cofeco slapped Telcel, the cash cow of Slim’s telecoms giant America Movil , with the record sanction in April last year after concluding that the company charged excessive prices to rivals to connect to its network. …