Axtel Climbs on Speculation of Alestra Deal, IPC Index Inclusion
Axtel climbed 12 percent to 4.70 pesos at 2:17 p.m. in Mexico City. The San Pedro Garza Garcia, Mexico-based company’s shares were up as much as 15 percent earlier, the biggest intraday increase since Feb. 13, 2012.
Brokers in Mexico are speculating that Alfa SA’s phone unit, Alestra, could take over Axtel, Andres Coello, an analyst at Scotiabank Inverlat SA, said today in a research note. The stock is also rising because of the idea that Axtel could rejoin the IPC, which won’t be recalibrated until September, he said.
“We spoke yesterday to Alfa,” Coello said. “They told us that they haven’t talked to Axtel for years, and that management has nothing to add.”
An Axtel press official didn’t immediately return phone and e-mail messages today. Enrique Flores, a spokesman for San Pedro Garza Garcia-based Alfa, also wasn’t immediately available for comment.
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