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AMOV - America Movil SAB De CV News Story

$14.77 -0.0  -0.1%

Last Trade - 14/05/21

Sector
Telecoms
Size
Large Cap
Market Cap £34.74bn
Enterprise Value £59.15bn
Revenue £36.26bn
Position in Universe 256th / 6846

UPDATE 1-America Movil says scraps deal to purchase Telefonica's El Salvador unit

Thu 3rd September, 2020 10:31pm
(Adds details)
    MEXICO CITY, Sept 3 (Reuters) - America Movil  AMXL.MX  on
Thursday said it was cancelling by mutual agreement a contract
with Spain's Telefonica  TEF.MC  to buy its El Salvador unit,
Telefonica Moviles El Salvador, blaming regulatory hurdles.
    America Movil, controlled by the family of Mexican tycoon
Carlos Slim, owns telecommunications firm Claro in El Salvador
and had been aiming to acquire for $315 million Telefonica
Moviles and another El Salvador unit, Telefonica Multiservicios.
    The two Telefonica units operate in the Central American
nation under the Movistar brand and belong to Telefonica
Centroamerica Inversiones.
    El Salvador's Competition Superintendent regulator last
month said it would allow America Movil to expand its market
share on guarantees that it will abide by competition and
consumer protection safeguards. It also limited the future use
of Movistar's mobile phone spectrum.  urn:newsml:reuters.com:*:nL1N2FL02A
    America Movil said it was abandoning plans to buy 99.3% of
Telefonica Moviles by mutual agreement with the Spanish telecoms
giant. 
    "The decision is made after jointly assessing the conditions
imposed to achieve regulatory authorization required in the
final resolution recently issued by the Competition
Superintendent," America Movil said in a statement.
    The statement did not mention Telefonica Multiservicios or
whether if that deal was off as well.
    

 (Reporting by Diego Ore; Writing by Drazen Jorgic; Editing by
Sandra Maler and Dan Grebler)
 ((drazen.jorgic@tr.com; Reuters Messaging:
drazen.jorgic.thomsonreuters.com@reuters.net))
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