MEXICO CITY: AT&T has sold more than 300 million shares in billionaire Carlos Slim’s America Movil, following up on other sales last year, a filing with the US Securities and Exchange Commission showed on Friday.
AT&T’s stake in America Movil, which is Latin America’s biggest phone company, is now about 8.36 percent, according to Reuters’ calculations based on outstanding shares in America Movil on Friday.
AT&T had about 9 percent of America Movil’s stock at the end of December, a separate filing at that time showed.
Representatives of AT&T and America Movil did not immediately respond to requests for comment.
The US phone company, a long-term major shareholder in America Movil, has two seats on the Mexican company’s board.
America Movil shares closed down 0.23 percent at 13.05 pesos. The company’s shares have dropped 14 percent this year as Mexico’s telecom watchdog has announced a string of measures as part of a government reform effort to increase competition and curb dominant companies in Mexico’s broadcast and phone markets.