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Carlos Slim Gets $565 Million Payday on Cigarette Dividend

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Oct. 22 (Bloomberg) -- Billionaire Carlos Slim, the world’s second-richest person, is getting about 7.3 billion pesos ($565 million) in cash as his holding company distributes the proceeds from the sale of its cigarette business.

Grupo Carso SAB, of which Slim controls 80 percent, approved a special dividend of 4 pesos a share, the company said yesterday in a filing. The company agreed in May to sell its 20 percent holding in a Mexican joint venture to co-owner Philip Morris International Inc. for about $700 million.

Slim opted to distribute the proceeds to himself and other investors instead of using the cash for Carso’s businesses, which include retail, construction and industrial materials. Arturo Elias, a spokesman for the billionaire, didn’t immediately respond to a phone message seeking comment on the decision.

Carso rose 1.9 percent to 69.92 pesos at the close in Mexico City. The shares have climbed 12 percent this year, compared with a 6.6 percent decline for the benchmark IPC index.

Slim, 73, has a net worth of $68.7 billion, trailing only Bill Gates on the Bloomberg Billionaires Index.

To contact the reporter on this story: Patricia Laya in New York at playa2@bloomberg.net

To contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.net

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