The board of Telefonos de Mexico (TELMEXL.MX) on Monday said it agreed to move forward on an offer by Carlos Slim's America Movil to purchase the part of the telephone company that it does not already own. America Movil (AMXL.MX) (AMX.N), which already owns almost 60 percent of Telmex, said last week it was seeking to buy the rest of the company in a deal worth about $6.5 billion. America Movil offered to pay 10.50 pesos a share to consolidate its ownership of Telmex. Telmex shares closed down 0.48 percent at 10.46 pesos in local trading, while America Movil shares fell 3.87 percent to 13.67 pesos amid a broad rout of Mexican stocks following the U.S. debt downgrade. America Movil S.A.B. DE C.V. (America Movil) is a provider of wireless communications services in Latin America. Shares of AMX fell by 6.01% or $-1.42/share to $22.22. In the past year, the shares have traded as low as $22.94 and as high as $29.82. On average, 8763950 shares of AMX exchange hands on a given day and today's volume is recorded at 12491070.

The board of Telefonos de Mexico (TELMEXL.MX) on Monday said it agreed to move forward on an offer by Carlos Slim's America Movil to purchase the part of the telephone company that it does not already own. America Movil (AMXL.MX) (AMX.N), which already owns almost 60 percent of Telmex, said last week it was seeking to buy the rest of the company in a deal worth about $6.5 billion. America Movil offered to pay 10.50 pesos a share to consolidate its ownership of Telmex. Telmex shares closed down 0.48 percent at 10.46 pesos in local trading, while America Movil shares fell 3.87 percent to 13.67 pesos amid a broad rout of Mexican stocks following the U.S. debt downgrade.

America Movil S.A.B. DE C.V. (America Movil) is a provider of wireless communications services in Latin America. Shares of AMX fell by 6.01% or $-1.42/share to $22.22. In the past year, the shares have traded as low as $22.94 and as high as $29.82. On average, 8763950 shares of AMX exchange hands on a given day and today's volume is recorded at 12491070.