AT&T sold $563.9 million worth of shares in America Movil, as it looks to maintain its ownership stake in the Latin America-focused group.
Repurchases by America Movil have reduced the number of its outstanding shares, with AT&T stating that “we’ve historically owned about 9 per cent of AMX [America Movil]. As a result of AMX’s recent share repurchases and our sales, we will again hold an approximate 9 per cent interest in AMX”.
According to Bloomberg, AT&T is the second largest shareholder in America Movil after the family of Mexican tycoon Carlos Slim.
AT&T told Bloomberg that “from time to time we rebalance our asset levels and raise cash for general corporate purchases”.
Walter Piecyk of research firm BTIG said in a note: “We do not expect AT&T to continue their selling, nor do we expect AT&T to give up its board seats. We still think the companies have a positive relationship.”