Biggest Investor in MCI Opposes Verizon Deal

Carlos Slim, MCI Inc.’s biggest investor, said he opposed the company’s planned sale to Verizon Communications Inc., adding to pressure on MCI Chief Executive Michael Capellas to negotiate a better deal.

Verizon’s $6.76-billon offer is too low and an $8-billion bid from Qwest Communications International Inc. also falls short, said Arturo Elias, a spokesman for Slim, who holds a 13.7% stake in Ashburn, Va.-based MCI.

“We find the Qwest offer better, but it’s also insufficient,” Elias said.

Directors at MCI now face pressure from holders of at least 26% of the company’s shares to seek a higher offer. Capellas, who needs support from a majority of shareholders to complete the sale to New York-based Verizon, said Wednesday that he’d reopen negotiations with Qwest.

MCI stock rose 11 cents to $23.66 on Nasdaq.