May 1, 2004 |
Carlos Slim, Latin America's richest man, stepped down as chairman of the board of Telefonos de Mexico and handed over the responsibilities to his eldest son, Carlos Slim Domit. Carlos Slim Domit, 37, formerly co-chairman of Telmex with his father, takes over immediately, according to a filing with the U.S. Securities and Exchange Commission. His father, 64, will remain honorary lifetime chairman of the company he has run for 14 years, the filing said.
November 30, 2001 |
XO Communications Inc., a telecommunications company with more than $2 billion in losses in the last year, agreed Thursday to a takeover by Forstmann Little & Co. and Telefonos de Mexico to avoid bankruptcy. The company's shares fell 22% after it said the takeover by Theodore Forstmann's leveraged-buyout firm, which had invested more than $1.2 billion in the company, and Telmex will wipe out the value of most shares.
January 19, 2001 |
Avantel, a Mexican telecom company partly owned by WorldCom Inc., plans to spend $200 million this year to move into the local phone market after reaching agreement with Telefonos de Mexico on interconnection fees. Avantel agreed with Telmex in December to set the connection fee between networks at 1.25 cents a minute, down from 3.36 cents a minute last year.
January 3, 2001 |
Mexico's former phone monopoly and its two U.S.-backed competitors reached a sweeping agreement Tuesday that ends numerous costly disputes and partly resolves a rancorous U.S.-Mexico trade conflict as well. Telefonos de Mexico, or Telmex, as the former national phone company is known, agreed to cut interconnection fees for the two other major long-distance providers in Mexico--both backed by U.S. phone giants--by more than half, to 1.25 U.S. cents per minute.
December 28, 2000 |
Mexican telecom giant Telefonos de Mexico said Wednesday that it reached an accord with two partly U.S.-owned long-distance operators to resolve an escalating trade dispute over access to the country's $12-billion telecommunications market. Telmex and long-distance companies Alestra, 49% owned by U.S. telecom giant AT&T, and Avantel, part-owned by WorldCom Inc.
July 20, 2000 |
Bad day at the Bolsa: Shares of Telefonos de Mexico, Mexico's largest telephone company, Wednesday suffered their biggest one-day plunge since the 1997 Asian financial crisis after the company reported second-quarter profit below estimates. Telmex, whose shares account for almost a third of Mexico's IPC stock index, said late Tuesday that second-quarter operating profit fell 3% on higher costs and falling sales from international long-distance calls.