In a significant move within the telecommunications sector, companies associated with Mexican billionaire Carlos Slim have acquired 4.305% voting rights in British Telecom (BT).
The acquisition was made through three entities: Control Empresarial de Capitales S.A. de C.V. ("Control Empresarial"), Dominum Direccion y Gestiones, S.A. ("Dominum Direccion"), and Operadora Inbursa, S.A. de C.V. ("Operadora Inbursa").
Breakdown of Acquired Voting Rights:
Control Empresarial acquired 2.273% of the voting rights.
Dominum Direccion acquired 1.677% of the voting rights.
Operadora Inbursa acquired 0.355% of the voting rights as the manager of Inbuinter, S.A. de C.V.
Control Empresarial is a variable capital corporation organized under Mexican law. All its outstanding voting securities are owned by Trust No. F/0125, known as the "Control Trust."
Dominum Direccion is a corporation organized under Spanish law, with all its voting securities owned by Control Empresarial.
Operadora Inbursa is another variable capital corporation under Mexican law. It is 99.99% owned by Grupo Financiero Inbursa S.A.B. de C.V. ("Grupo Inbursa"), which itself is 65.77% owned by the Control Trust.
The Control Trust, organized under Mexican law, is managed by Banco Inbursa S.A., a subsidiary of Grupo Financiero Inbursa. The trust's investment decisions are made by a technical committee comprising representatives of the Slim family: Carlos Slim Domit, Marco Antonio Slim Domit, Patrick Slim Domit, Maria Soumaya Slim Domit, Vanessa Paola Slim Domit, and Johanna Monique Slim Domit. Notably, no single member has a controlling vote within the committee, ensuring a balanced decision-making process.
This acquisition marks a strategic expansion for Carlos Slim's business empire into the European telecommunications market. The involvement of multiple entities underlines the complexity and strategic planning behind the acquisition, reflecting Slim's methodical approach to expanding his influence in global telecommunications.
The move is expected to bring new dynamics to BT's corporate governance and could potentially influence its strategic direction, given the significant stake now held by Slim's companies.
