Carlos Slim Discloses Stake in Bronco Drilling

Nov. 3.08 | About: Bronco Drilling (BRNC)

In a 13G filed with the SEC recently, Mexican businessman Carlos Slim has disclosed a 7.64% ownership stake in Bronco Drilling (NASDAQ:BRNC). He now owns 2,200,000 shares of the company.

Carlos Slim is a well-known Mexican businessman who amassed his wealth through telecom. He is known for his association with America Movil (NYSE:AMX), Telcel, and Telefonos de Mexico (NYSE:TMX) and is ranked #2 on Forbe's list of The World's Billionaires 2008.

Taken from Google Finance:

Bronco Drilling provides contract land drilling and workover services to oil and natural gas exploration and production companies. As of February 29, 2008, the Company owned a fleet of 56 land drilling rigs, of which 45 were marketed and 11 were held in inventory. Bronco also owned a fleet of 59 workover rigs, of which 49 were operating and 10 were in the process of being manufactured. The Company also owned a fleet of 70 trucks used to transport its rigs.

Carlos joins the ranks of many other investors that have taken advantage of the market volatility to increase/establish stakes in companies. Other recent action includes hedge fund Jana Partners taking a stake in Convergys (NYSE:CVG), Blue Ridge Capital increasing their stake in Millipore (MIL), and Tremblant Capital establishing a stake in Advanced Medical Optics (EYE), among others.