Mexican mobile phone giant America Movil, owned by billionaire Carlos Slim, is set to launch a bid on Tuesday to buy the 40.04 percent of fixed-line phone unit Telefonos de Mexico it does not already own.

The company said on Monday that Mexico's banking and securities commission (CNBV) had approved the transaction.

America Movil is the biggest provider of cell phone services across Latin America. Slim began consolidating of his telecommunications businesses last year.

The bid for Telmex is expected to close on November 11, after which Telmex will be delisted.

On Friday, America Movil Chief Executive Daniel Hajj told Reuters the company had ample resources to finance the Telmex deal and there were no plans to tap debt markets for now.

However, he said America Movil Chief Financial Officer Carlos Garcia Moreno recently met with investors to check markets.

America Movil shares added 0.69 percent to 14.63 pesos in the Mexican stock market Monday morning and rose 2.1 percent to $21.96 on Wall Street.

(Reporting by Cyntia Barrera Diaz; Editing by Derek Caney and John Wallace)

Mexico Launch