Slim Seeks to Reassemble Telecom Empire With $6.5 Billion Telmex Proposal

Carlos Slim, who split his Mexican telephone empire in 2001, is putting it back together.

Slim’s America Movil SAB, Latin America’s largest wireless carrier, offered about $6.5 billion to buy the 40.4 percent of Telefonos de Mexico SAB it doesn't already own, giving it full control of its former parent. America Movil will pay 10.50 pesos (90 cents) a share for Telmex, the nation’s largest fixed-line phone carrier. Taking control of Telmex would allow America Movil to more fully integrate its telecommunications infrastructure in Mexico -- offering mobile, fixed-line and Internet service. That would help it compete against Grupo Televisa SA , the cable carrier that’s offering phone, Internet and TV service and is entering the mobile-phone market. Slim, 71, bought control of Telmex from Mexico’s government in a 1990 privatization sale. The phone company spun off its wireless unit to form America Movil in 2001. America Movil acquired its 59.6 percent stake in Telmex last year in a $23 billion transaction that also gave it full ownership of Slim’s fixed-line networks in South America. That transaction was approved by Mexico’s antitrust agency, which suggests America Movil is likely to get approval for the new Telmex offer.