Shareholders of Mexicos Telmex, the countrys dominant fixed line phone
company, on Friday approved a spinoff of its fastgrowing 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.
The international company will include fixedline operators, television cable
companies and Internet service providers in Brazil, Argentina, Chile, Colombia,
Ecuador and Peru.
Telmex, a former stateowned monopoly, dominates the fixedline and
longdistance market in Mexico but has come under pressure in its local markets
from increased competition and shrinking profit margins.
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