Billionaire tightens control on US phone company

Reuters/Mexico CityMexican billionaire Carlos Slim, who already controls America Movil, tightened his grip slightly on Latin America’s biggest phone company, according to a US regulatory filing that shows two companies controlled by Slim bought more shares.The purchases, made in November and December last year, come on top of a massive buyback effort by America Movil, whose share price has been under pressure since Mexico’s government last year passed a reform plan that seeks to curb the company’s dominance. Slim’s real estate company Inmobiliaria Carso and his bank Grupo Financiero Inbursa spent $212.5mn and $34.7mn purchasing 187.11mn and 30.98mn shares respectively in America Movil, a document sent to the US Securities and Exchange Commission showed.Slim, his three sons, three daughters and their controlled companies and foundations now own about 47.6% of America Movil’s outstanding shares, up from 47.3% when the group made their last filing in November, according to a Reuters calculation.The stake directly held by Slim has not changed from 4,950,586,338mn shares or 7.1% based on America Movil’s total shares outstanding last week, the filing showed. The filing also shows that one of Slim’s daughters, Maria Soumaya, sold 100,000 shares on December 30.America Movil shares have fallen more than 10% this year, in spite of the company’s continued buyback plan.In 2013, the company spent about $5.4bn, more than half its total capital expenditure for the year, buying back its own shares. The shares closed 2013 up 2.14%, helped by the buyback.