Mexico’s America Movil Confirms Purchase Of Smartcom
Mexican wireless phone company America Movil SA (AMX) confirmed the acquisition of Chilean mobile company Smartcom from Spain’s Endesa SA (ELE), but gave the purchase price as $472 million.
Earlier Wednesday, Endesa announced the deal in a regulatory filing, saying that it had received EUR414 million, or $505 million, for the sale of the unit.
America Movil spokesman Gonzalo Garcia said he didn’t know why there was a discrepancy in the figures, but that the $472 million represented the enterprise value of the Chilean company, and that the transaction involved 100% of the controlling interest in Smartcom.
Garcia said he didn’t have information on the financial impact the deal would have on America Movil.
As reported, Endesa said in the filing that the price is similar to the accounting value of Smartcom, and it doesn’t expect a significant impact from the sale on its consolidated results.
America Movil, the biggest wireless operator in Latin America, was long mentioned as a possible suitor for Chile’s third-largest wireless provider.
Last week, America Movil said it was looking at countries in which it had no presence, including Chile. It predicted that mobile penetration rates in the region could grow as high as 60% by 2007 or 2008, up from 42% as of June 30.
Early Wednesday, America Movil L shares were down 0.7% at 11.87 pesos ($1=MXN10.6115).
Source: cellular-news.com
Mexico's Bolsa Rises, Led by America Movil, Cemex: Latin Stocks
Mexico's benchmark stock index rose to a record on the prospect of government spending on construction that will spur profits at companies such as cement maker Cemex SA.
The Bolsa index rose 150.54, or 1.1 percent, to 14,123.15 as of 1:50 p.m. New York time, surpassing the previous high July 14. America Movil SA, Latin America's No. 1 mobile-phone company, led the gain followed by Cemex, the world's third-largest cement maker. Elsewhere in the region, Chile's IPSA index of 40 stocks rose 1 percent to 2124.10, headed for a third
Grupo Mexico, America Movil, Braskem: Latin Equity Preview
The following stocks may make significant gains or losses in Latin America today. Symbols are in parentheses after the company name and stock prices are from the last session.
Commodity prices yesterday had their biggest drop in seven months after a drop in oil prices eased the threat of inflation. Copper for March delivery dropped 5.2 cents, or 2.2 percent, to $2.278 a pound on the Comex division of the New York Mercantile Exchange, the biggest decline since Dec. 14. Prices earlier reached a record $2.339. The shares of the world's fourth-largest
Mexico confirms hurricane deaths
At least three people were killed when Hurricane John swept through Mexicos Baja California peninsula at the weekend, officials say.
One of them was a Briton whose camper van had been swept away by floodwaters, the states interior secretary said.
Two Mexicans had drowned in strong river currents, Victor Guluarte added. Three others are reported missing.
More : news.bbc.co.uk
America Movil, Grupo Mexico and Usiminas: Latin Equity Movers
Following are the stocks that are most active in Brazilian and Mexican markets. In Brazil, the preferred share is usually the company's most-traded class of stock.
The Bovespa index of the most-traded stocks on the Sao Paulo Stock Exchange rose 98.52, or 0.4 percent, to 27,178.62 at 10:38 a.m. New York time. Mexico's bolsa fell 19.54, or 0.1 percent, to 14,539.65.
Mexico
America Movil (AMXL MM), Latin America's biggest cell phone company, rose 6 centavos, or 0.5 percent, to 11.68 pesos, after falling 2.8 percent yesterday. Mexico reported that the economy expanded
Mexico stocks rise 0.72 pct, peso off slightly
Mexican stocks ended 0.72 percent higher on Tuesday on the back of gains from blue-chip America Movil as investors anticipated solid quarterly results from the cellular phone company.
The IPC stock index < .MXX> rose 143.30 points to close at 20,082 points.
America Movil (AMXL.MX: Quote, Profile, Research) gained 0.73 percent to 19.28 pesos. It is expected to post second-quarter results on Wednesday after the stock market closes.
America Movils quarterly net profit is seen down nearly 13 hurt by foreign exchange losses but its subscriber base, extending from the United States to
Aug. 19 (Bloomberg) -- The following stocks may make significant gains or losses in Latin America today. Symbols are in parentheses after the company name and stock prices are from the last session.
Mexico
Grupo Mexico SA (GMEXICOB MM): Copper prices rose yesterday in New York for a third day this week, resuming a rally that pushed the metal to a record Aug. 16. Inventories monitored by the London Metal Exchange today fell 350 metric tons, or 0.6 percent, the first drop since Aug. 3. Shares of Grupo Mexico, the world's fourth-largest copper producer, fell 1 centavo, or 0.1 percent,
Mexicos Slim to invest $560 mln in Peru mobiles
Carlos Slim, the Mexican tycoon who controls leading Latin American cell phone company America Movil (AMXL.MX: Quote, Profile, Research) (AMX.N: Quote, Profile, Research), said on Monday he would invest about $560 million in Perus mobile phone sector in the next two years.
We are investing a great deal in the mobile phone network and we will continue investing, as I mentioned to the president, about $280 million per year in the next two years, Slim told reporters after meeting with Peruvian President Alan Garcia.
Penetration here is relatively low compared with other Latin American
Mexico's Slim not worried about Venezuela risk - spokesman
Mexican telecommunications magnate Carlos Slim isnt worried about political risks in moving his Latin American communications network into Venezuela, a spokesman said Friday.
Monday, Telmex (TMX) and America Movil (AMX) said they will buy Verizon Communications (VZ) 28.5% stake in Venezuelas CA Nacional Telefonos de Venezuela SA (VNT), or CANTV, for $676.6 million through a joint-venture.
Arturo Elias Ayub, a spokesman for Slim, shrugged off concerns about political risk in Venezuela, where the government of President Hugo Chavez has been changing the rules for oil and other companies.
Were confident in the
It's obvious the United States and Mexico are going to be in the 2006 World Cup in Germany. Surely, U.S. manager Bruce Arena and Mexican manager Ricardo LaVolpe would not admit this in front of their players, but it's reality.
On Saturday, it's win and you're in when the teams meet in Columbus, Ohio.
And the sooner a team qualifies, the better its chances could potentially be at the World Cup.
So here's the plan: Win and qualify. Celebrate briefly. Refocus.
Realistically, the U.S. and Mexico have navigated the CONCACAF qualifying waters with confidence and have put themselves in position to qualify for Germany
MEXICO CITY, Aug 18 (Reuters) - Mexico's stock exchange said on Thursday it will not replace steel maker Hylsamex when it delists and cuts the company from the IPC index next week, further narrowing the market's already reduced breadth.
Acquisitions by big foreign players in Mexico in recent years have led to a string of delistings of blue-chip firms like cement maker Apasco, Bancomer bank and other financial groups, cutting into trading volume on the country's bourse.
Hylsamex, which Argentine firm Techint is buying for $2.25 billion, will be delisted from the market as of Monday, leaving only 34 stocks in the
