Convergencia Research, Consultoría especializada en Latinoamérica y Caribe
Friday, January 19, 2007

Carlos Slim may buy Movilnet if Venezuelan government decides to sell

The Mexican America Movil will be willing to consider the purchase of  Movilnet, cell branch of CANTV, once nationalized, that is, if the Venezuelan government decides to sell it. This has been stated by the Finance Director of America Movil, Carlos García Moreno, when stating that “Venezuela was an attractive market; and, if the government sold the mobile operation of CANTV after the nationalization process, America Movil would be willing to consider it”. In turn, the spokeswoman of America Movil, Patricia Ramírez Valdivia, told Convergencialatina that the statements of the executive emerged in a talk in English to assess the investment perspectives of American Movil for 2007, and put forward a "hypothetical scenario".

As regards the assets America Movil purchased from Verizon in Latin America, García Moreno pointed the purchase of 100% of Verizon Dominicana (Dominican Republic) was completed, and added the latter was already under America Movil¿s management; the purchase of Puerto Rico Telephone (PRT) in Puerto Rico, would be closed late in January; and the purchase of the 28.5%Verizon holds in CANTV has failed given the nationalization plans of the company.

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