Mexico's America Movil slows pace of share buyback in April
* Buys back average of 5 mln shares/day in April, vs 15 mln/day Jan-March
* Slowdown could help free up cash to pay for investment in Telekom Austria
* Share buyback rate nearly half the year-ago level
By Elinor Comlay
MEXICO CITY, April 29 (Reuters) - Billionaire businessman Carlos Slim's America Movil has slowed the pace of its average daily stock repurchases by a third since the end of March, according to data analyzed by Reuters.
It is not clear why the pace of repurchases by Latin America's biggest phone company has slowed. An America Movil spokeswoman declined to comment.
Some analysts have suggested that America Movil could trim its buyback program in order to help pay for its more than $3 billion planned investment to take control of Telekom Austria , announced last week.
The pace of repurchases in April dropped to an average of 5 million shares a day, compared with an average of 15 million shares a day in January through March, according to an analysis of filings with Mexico's stock exchange.
America Movil's share price has been under pressure since Mexico's government approved a constitutional reform last year aimed at introducing more competition to the phone markets the company dominates. Continuación...