America Movil has increased its stake in Telefonos de Mexico (Telmex) from 60 percent to nearly 93 percent, following the preliminary results of a shareholder buyout offer.

America Movil currently holds 92.79 percent of Telmex shares after the offer expired on 11 November. Stockholders of America Movil tendered 5.92 billion shares of the unit for MXN 10.50 pesos per share.

America Movil will pay an overall MXN 62.1 billion (approximately USD 4.6 billion) to increase its Telmex stake. The Mexican stock exchange said in a filing that Telmex had been removed from the benchmark IPC index and replaced by shares of food franchiser Alsea, Reuters reports.