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America Movil To Split Stock, Boost Buyback

Mexico City-based mobile-phone company, America Movil, is planning a two-for-one stock split.

Mexico City-based mobile-phone company, America Movil, is planning a two-for-one stock split, Bloomberg reports. The company, run by billionaire Carlos Slim, is also planning to raise its share repurchase fund by $4.18 billion, adding to the current $2.91 billion.

America Movil will submit the proposals for shareholder approval by April 30, 2011. The company has also proposed to pay a dividend of 36 centavos on certain shares, returning cash to stockholders after closing a $23 billion acquisition in 2010.

Click here for the story from Bloomberg.

Click here for additional coverage from Reuters.

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