Carlos Slim's telecom giant America Movil will sell assets to avoid limits of Mexico reform
The telecom company America Movil says it will divest some assets to reduce its market share in the face of Mexico's telecommunications reform designed to break up monopolies.
Magnate Carlos Slim's company said Tuesday its board of directors has agreed to sell enough assets to put the company at less than 50 percent of the market. America Movil controls about 70 percent of the mobile and about 80 percent of fixed telephone markets in Mexico.
The Federal Telecommunications Institute in March declared America Movil "dominant," with more than 50 percent of the market, imposing a number of restrictions to diminish its power.
America Movil's announcement comes as Mexican lawmakers prepare to vote on the reform, which is largely seen as a hit on the empire of Slim.