Mexico's Telmex To Delist From Foreign Markets, End ADR Program

Mexican fixed-line phone company Telefonos de Mexico SAB (TMX, TFONY, TELMEX.MX) said Monday its shareholders agreed to delist the company's shares from U.S. and other foreign exchanges.

The decision to delist comes after parent company America Movil SAB (AMX, AMOV, AMX.MX) acquired an additional 33% of Telmex last month, bringing its holdings to around 93%.

Telmex said in a press release that its shareholders approved the decision to delist from the New York Stock Exchange and the Nasdaq Capital Market, as well as from the Spanish stock market's Latibex, and to end its American depositary receipts program.

The main purpose is to obtain financial reporting and administrative efficiencies following America Movil's buyout offer, Telmex said.

Telmex shares will continue to trade on the Mexican stock exchange. Neither Telmex nor America Movil have decided whether or not to pursue a delisting in Mexico, the company added.

America Movil, Latin America's largest mobile phone comany, acquired around 60% of Telmex in 2010, as billionaire Carlos Slim began the consolidation of his telecommunications holdings. Last month's stock offer sought the remaining 40% of Telmex, which is Mexico's biggest fixed-line company.

-By Anthony Harrup, Dow Jones Newswires, (5255) 5890 5176, anthony.harrup@dowjones.com

Telefonos DE Mexico SA DE CV Ser (NASDAQ:TFONY)
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