Mexico's Telmex Approves International Spin-Off
 Chris Aspin - Reuters
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Mexico City - Shareholders of Mexico's Telmex, the country's dominant fixed line phone company, on Friday approved a spin-off of its fast-growing international operations from the stagnant parent firm.
Telmex, controlled by billionaire tycoon Carlos Slim, agreed to call the new company Telmex Internacional. Plans are to list the company on Mexican and U.S. stock markets.
The international company will include fixed-line operators, television cable companies and Internet service providers in Brazil, Argentina, Chile, Colombia, Ecuador and Peru.
Telmex, a former state-owned monopoly, dominates the fixed-line and long-distance market in Mexico but has come under pressure in its local markets from increased competition and shrinking profit margins. (Editing by Gary Hill) |
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