America Movil most valuable company in Latin America

(LIP-wb) — Telecommunication company América Móvil, owned and controlled by Mexican business tycoon Carlos Slim, has surpassed Brazilian oil company Petrobra’s and become Latin America’s "most valuable company", according to an analysis by consulting firm Economática and an article published in Brazilian newspaper “Folha de Sao Paulo”.

According to the report, the market value of América Móvil jumped from 79.6 billion to 117.8 billion dollars between December 2006 and February 14, 2007.

In the same period, the value of Petrobra’s – who occupied first place in the rankings since June 2003 – fell from 107.7 billion to 99.2 billion dollars.

The América Móvil group is also operating in Brazil, where it controls mobile phone company Claro and the Embratel telecommunication company. It is also a partner of the TV cable Net, controlled by the powerful TV Globe group.

According to the chairman of Economática, Fernando Exel, the increase of América Móvil’s market value reflects the expansion of the Mexican economy.

On the other hand, Exel explained that Petrobra’s is on the verge of losing its second place in the rankings to Brazilian mining company CVRD, whose value jumped from 81 billion dollars in December to currently 97.25 billion.

Between January 1 and February 14, Petrobra’s stocks accumulated losses of 9.32 percent, whereas CVRD raised by 17.71 percent. The stock price of América Móvil registered an increase of 8.29 percent in the same period.

Peruvian companies were not mentioned.