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S&P: America Movil, Telmex unchanged
Standard & Poor's said its ratings and outlook on America Movil SAB. de CV (BBB+/stable) and Telefonos de Mexico SAB. de CV (Telmex, BBB+/stable) are unchanged following the announcement of an agreement to enter into exclusive negotiations with Pirelli & C. SpA and Sintonia to acquire one-third of their current 100% stake in Olimpia, owner of 18% of Telecom Italia SpA (BBB+/negative/A-2).
According to S&P, Telmex and America Movil would each acquire one-third of the stock of Olimpia and another one-third would be purchased by AT&TInc. (A/negative/A-1).
The negotiation outcome is still uncertain, but it would be subject to regulatory approvals. A transaction could lead to some synergies, notably in Brazil, the agency said, noting that the financial profile of both Mexican companies would barely change.
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