Mexican phone giant delists from NYSE

MEXICO CITY: Telefonos de Mexico SAB, the country's dominant fixed-line telephone company, announced it is delisting its shares from foreign stock exchanges, including the New York Stock Exchange and Madrid's Latibex.

The move, which was approved by shareholders, also ends the firm's American depositary receipts programme but does not affect the company's Mexican stock market listing, Telmex said in a regulatory filing.

The principal aim of the change is to reap financial-reporting and administrative efficiencies in the wake of a recent buyout offer that left parent company America Movil SAB in control of 93 per cent of Telmex, the firm said.

Telmex said it remains a registered company in the US and will continue to meet its obligations under US securities law.

With more than 241 million subscribers, America Movil is Latin America's largest cellphone company. Its bid to gain full control of Telmex is part of Carlos Slim's plan to consolidate his telecom interests.

Forbes magazine ranks the Mexican billionaire as the world's richest person.