Telecom giant AT&T Inc. (T) said in a regulatory filing that it sold 540 million shares, representing 7 percent of its stake, in Latin American telecommunications firm America Movil (AMX, AMOV), on June 4.
The sale will bring AT&T's holding in America Movil, controlled by billionaire Carlos Slim, to its previous level of 9 percent.
The offloading is said to be part of AT&T's strategy of rebalancing asset levels from time to time, to find funds for general corporate purposes.
T closed down 1.2 percent on Wednesday at $35.26. AMX fell 0.9 percent to $19.49 while AMOV was down 1.1 percent at $19.43.
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