América Móvil has tendered an offer to acquire the stake in Teléfonos de México that it does not already own. The wireless service provider will buy 40.04% of the outstanding shares of Telmex and become its 100% owner.

The Carlos Slim-owned company has offered to pay $0.88 per share for the acquisition. The acquisition will be subject to customary conditions, including the receipt of regulatory authorizations.

Click here for the release from América Móvil.