Carlos Slim Carlos Slim, the world's wealthiest man, increased his interest in Net Servicos de Comunicacao, the largest cable TV provider in Brazil. The increase in investment in Net Servico by Carlos Slim has put the company's bonds in a position to beat other communication and media-related corporations in Latin America.It should be noted that America Movil SAB, Latin America's largest wireless company that belongs to Carlos Slim, invested $2 billion on October 7 to take hold of the preferred shares in Net.
The latest move is part of Carlos Slim's efforts and strategies to amalgamate mobile phone operations with home phone, Internet and TV services in Brazil. Carlos Slim aims to have customers switch over from companies such as Telefonica SA, and Embratel Participacoes SA. As of October 26, Carlos Slim had a seventy nine percent share in Net.
Carlos Slim crossed Bill GatesBill Gates and Warren BuffettWarren Buffett to become the richest person on Earth, according to the Forbes magazine's annual list of billionaires. Experts believe that Carlos Slim may be unwilling to assurance the debt of Net if he fails to get hold of the management of the corporation.
"Carlos Slim owns the majority of the company, but he doesn't have majority control", Ollom, market strategist, said in a telephone interview. "So it's hard to see him guaranteeing the debt unless he has control", he added.
Meanwhile, Net stated that Carlos Slim can only hold up the finances of Net once there is change in the law. Officials of Net have informally attributed the performance of the bonds of Net at its "strong operational results."
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