Billionaire merges his three telecoms

February 12, 2010
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, MEXICO CITY, Feb 12 – Mexican multi-billionaire Carlos Slim has received authorization to merge his telecom companies, America Movil, Telemex and Telemex International, the Federal Competition Commission (CFC) said Thursday.

In the merger, America Movil will buy up 71.5 percent of Mexican Telephone (Telmex) shares and up to 100 percent of Telmex International, the CFC said.

The consolidation, it added, "does not alter the market structure they participate in… (nor) competition conditions " in Mexico, since the companies belonged to the same economic group before the restructure.

America Movil last month announced the merger plan it said was intended to make the company more competitive in Latin America by offering bundled service for telephone, mobile telephone, internet and cable television.

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