As part of a strategic move by Telmex’s 60-percent owner, America Movil, AT&T plans to sell its stake in the Mexican phone company to the tune of more than $1 billion, according to media reports.

The Wall Street Journal said America Movil is attempting to acquire the remaining 40 percent of the business that it doesn’t own.

AT&T’s stake in Telefonos de Mexico SAB, also known as Telmex, is valued at about $1.37 billion.

The Mexico City-based company said it plans to acquire the 40 percent of Telmex that it doesn’t already own, “completing the consolidation begun last year of the telecomunications holdings of billionaire Carlos Slim,” the WSJ reported.

In a company statement Monday, American Movil said if it “acquires a sufficient number of shares, it intends to delist Telmex from the various stock markets on which its shares are listed.”

On Aug. 1, America Movil’s board of directors approved an offer for all of the outstanding shares of capital stock “of all classes of Telmex that are not already owned, directly or indirectly, by AMX.” The tender offer would include those shares that are represented by American Depositary Shares, company officials said.

In a company statement, American Movil said that 100 percent ownership will allow the Latin American company to provide “more advanced” services to its Mexican customers.

American Movil said it would 10.50 pesos (90 U.S. cents) in cash for each of the Telmex shares it doesn’t own, representing an 11 percent premium over the average price of Telmex L shares for the past 30 trading days.

“With this transaction, AMX, a competitive and strong publicly traded Mexican

corporation, will be in a position to provide better conditions and more advanced

telecommunication services to its customers in Mexico,” the statement said.

As of June 30, 2011, America Movil has 236 million wireless subscribers and 54 million fixed revenue generating units in the Americas.

America Movil L shares traded on the Mexican stock exchange fell 1.9 percent to 14.83 pesos on Monday, while Telmex L shares rose 7.7 percent to 10.22 pesos, the Journal said.