Carlos Slim bows to pressure as he agrees to break up America Movil empire
Slim has built a telecoms empire that spans the US and most of Latin America
Wednesday 09 July 2014
Carlos Slim, the world’s second-richest man, has agreed to sell some of his telecom assets to avoid a clampdown by regulators in his native Mexico.
Slim has signalled that his company America Movil, which controls 70 per cent of Mexico’s mobile market and 80 per cent of the fixed-line business, could reduce its share to below 50 per cent.
The Mexican Government said that “could transform competition in the telecommunications sector with improved quality and better prices for services to end users”.
Slim’s dominant position across Latin America, where America Movil is the number one operator, has made him worth $71.5 billion (£41 billion), according to Bloomberg.
Selling assets could give Slim firepower to make acquisitions in Europe where he has taken a stake in online music recognition firm Shazam and made a failed bid for Dutch telecom firm KPN.
On Wednesday, Mexico's Congress approved a landmark telecoms reform that aims to curb the power of Slim's America Movil and broadcaster Televisa, which dominates the Mexican television market.
- 1 Apple has installed security backdoors on 600m iPhones and iPads, claims security researcher
- 2 UK pirates will get four warning letters a year
- 4 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 5 Israel-Gaza conflict: Deadly flechette shells 'used by Israeli military in Gaza Strip’
Hacking Trial: Rebekah Brooks, Raisa and a new twist in the saga of a horse fit for a Prime Minister
Israel-Gaza conflict: Palestinian death toll now exceeds 500 – but Israel fights on
Income tax league: Revealed - the UK towns where people pay the most and least tax
Israel-Gaza conflict: Deadly flechette shells 'used by Israeli military in Gaza Strip’
Malaysia Airlines MH17 crash: Blogger captures footage ‘showing BUK missile launcher that shot down jet’ now back in Russia
Malaysia Airlines flight MH17 crash: 'Nine Britons, 23 Americans and 80 children' feared dead after Boeing passenger jet is 'shot down' near Ukraine-Russia border
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
iJobs Money & Business
£850 - £950 per day: Orgtel: Programme Director - Conduct Risk - Banking - £85...
£45000 - £50000 Per Annum + excellent benefits: Clearwater People Solutions Lt...
£250 - £300 per day + competitive: Orgtel: Finance Manager - Accountant - Bank...
£100000 - £120000 per annum + BONUS + BENEFITS: Harrington Starr: A leading fi...