America Movil focused on Europe deals but open to opportunities
By Cyntia Barrera
MEXICO CITY (Reuters) - Mexican cellphone giant America Movil will focus efforts in consolidating its two recent acquisitions in Europe and while it has no other transactions on the radar, it is open to opportunities, Carlos Slim Domit, the company's co-chairman, said on Wednesday.
"We don't have more operations (in Europe) in sight for the time being ... but we are always open to evaluate opportunities and alternatives in the market," Slim Domit, the eldest son of the world richest man, Carlos Slim Helu, told Reuters in an interview.
America Movil recently embarked on an European expansion by acquiring a controlling 27.7 percent stake in Dutch telecom firm KPN while boosting its stake in Telekom Austria to 23 percent after buying out investor Ronny Pecik.
Additionally, the Slim family disclosed they held another 3.14 percent voting stake in the Austrian firm.
"These are companies that we see with a lot of growth and development potential and that could yield many synergies," he said but declined to give specifics.
Analysts wonder about the Mexican company's next step in Europe, where several countries are struggling with their economies and could make some telecom assets available for acquisition.
Last month, Reuters reported that TeliaSonera was selling Spanish mobile operator Yoigo, according to people familiar with the matter.
America Movil, Vodafone and France Telecom were seen as bidders in the potentially 1 billion euro ($1.2 billion) plus deal. America Movil later said it is not currently interested in Yoigo. Continued...