Market Chatter: America Movil, Entel Prepare Joint Offer for Telefonica's Chile Unit

MT Newswires Live10-03

America Movil (AMX) and Chile-based Empresa Nacional de Telecomunicaciones, also known as Entel, are working on a joint takeover bid for Telefonica's (TEF) Chile unit, Bloomberg reported Thursday, citing people familiar with the matter.

Mexico-based America Movil, which operates in Chile through ClaroVTR, would seek to acquire Telefonica Chile's mobile phone unit, while Entel would be interested in the fixed-line business, the sources told the media outlet.

The sale is part of Telefonica Chairman Marc Murtra's plan to divest non-core markets as part of a major overhaul, according to the report.

America Movil and Entel did not immediately respond to requests for comments from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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