S&P: Telmex unchanged

Standard & Poor's said that the results of Teléfonos de México SA de CV's (Telmex, BBB+/stable) tender offer for shares of Embratel Participações SA, whereby Telmex invested an additional $786.5 million in Brazil, will have no impact on the ratings or outlook on Telmex.

As a result of the tender offer, Telmex indirectly acquired 90.3% of the preferred shares and 26.5% of the common shares of Embratel, the agency said, adding that Telmex now owns 96.4% of all common and preferred shares of Embratel.

The company must receive and has requested a favorable statement from the Brazilian Federal Telecommunications Agency before the withdrawal of Embratel's registration as a Brazilian public company and the mandatory redemption of all remaining shares, according to S&P.

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