Telmex Spins Off Mobile Unit

Telefonos de Mexico, Mexico’s largest phone company, said it will spin off its mobile phone unit and most of its international units to form the largest mobile phone operator in Latin America. Telmex shareholders will receive an equal amount of shares in the new company, to be called America Movil, the company said in a press release. America Movil will have 9.9 million clients. The investments the foreign assets require to develop now won’t affect the parent company, said Chairman Carlos Slim.