AT&T Sells $564 Million in Shares of Slim’s America Movil
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AT&T Inc. cut its stake in America Movil SAB by 7.5 percent, raising about $564 million, to keep its investment steady after billionaire Carlos Slim’s company ramped up share repurchases.
The sale of shares in the open market in Mexico took place between May 7 and June 4, Dallas-based AT&T said yesterday in a U.S. regulatory filing. AT&T remains Mexico City-based America Movil’s second-largest shareholder behind the Slim family. Repurchases this year by Slim’s company, also known as AMX, have reduced its shares outstanding by about 3.7 percent.