AMX spinning off Mexican holding company

|By:, SA News Editor

Still looking to unload Mexican telecom assets (and thereby appease regulators), America Movil (NYSE:AMX) is spinning off a holding company known as Sercotel that has $2.08B in assets. AMX calls the move a "simple reorganization" meant to make its corporate structure more efficient.

Meanwhile, Bloomberg reports AMX is "adjusting" how it will break up its Mexican assets in an attempt to rejuvenate a stalled sale process. Carlos Slim mentioned in October AMX could expand its asset sale beyond Mexico's eastern coast. AT&T, of course, opted to buy smaller AMX rival Iusacell.