It's only $5.9 billion; Carlos will never miss it

[Bob Of Burleson]

Why America Movil (AMX) Stock
Closed Higher On Friday

BY Amanda Schiavo

NEW YORK (TheStreet) --Shares of America Movil SAB de CV (AMX_) finished up 5.03% to $20.68 on heavy volume this afternoon, following CEO Carlos Slim's decision to buy out AT&T's $5.9 billion stake in the company, Bloomberg reports.

AT&T owns an 8.3% stake in the Mexico-based wireless communications service company, which includes 24% of America Movil's voting shares, and is selling due to its purchase of Direct-TV (DTV_), America Movil's pay-TV competitor in Latin America.

Slim's holding company, Inmobiliaria Carso (IBYNF_), will acquire AT&T's stake, but it didn't disclose how much it would pay, Bloomberg added.

SOURCE