Billionaire Carlos Slim Tightens Grip on Mexico's Biggest Phone Company Newsloop Business
go to original February 21, 2014

Mexican billionaire Carlos Slim, who already controls America Movil, tightened his grip slightly on Latin America's biggest phone company, according to a U.S. regulatory filing on Thursday that shows two companies controlled by Slim bought more shares.

The purchases, made in November and December last year, come on top of a massive buyback effort by America Movil, whose share price has been under pressure since Mexico's government last year passed a reform plan that seeks to curb the company's dominance.

According to a Reuters calculation, Slim, his three sons, three daughters and their controlled companies and foundations now own about 47.6 percent of America Movil's outstanding shares, up from 47.3 percent when the group made their last filing in November.

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