AT&T sells 300 million shares in América Móvil

14 April 2014 | Kavit Majithia


US operator AT&T has sold 300 million shares in Carlos Slim’s América Móvil, reducing its stake in the company to 8.36%.

AT&T filed the reduction to the US Securities and Exchange Commission on Friday, and the company is continuing its divestment. It had a 9% stockholding in América Móvil at the end of December, according to a separate filing.

AT&T has been a major shareholder in the company for years, and has two seats on the company’s board.

América Móvil’s shares have dropped in value by 14% this year, after Mexican regulators drew up reforms to limit the dominance of certain companies in the country’s broadcast and telecoms sectors.