File - Slim is the son of a Lebanese immigrant to Mexico.
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Billionaire Carlos Slim is bowing to imminent antitrust legislation by planning a breakup of America Movil SAB's phone operations in Mexico rather than risk profit-crushing restrictions if his company does nothing to curb its dominance.America Movil, the Americas' largest operator with 272 million wireless subscribers, decided to divest some assets to an independent company, reducing its market share in Mexican landlines and mobile phones to below 50 percent to appease regulators, America Movil said Tuesday in a filing. Slim, the world's second-richest man and the son of a Lebanese immigrant to Mexico, had been weighing options for America Movil as Congress considered a bill that would impose the harshest penalties the company has ever encountered, as long as its subscribers represent more than half of the Mexican market. America Movil rose as much as 5.1 percent Wednesday to 14.15 pesos, the highest intraday price since February.America Movil didn't specify which assets would be sold to the new independent operator. In Brazil, the government broke its telephone monopoly into 12 holding companies in 1998, including three regional landline carriers, eight mobile-phone companies and one long-distance carrier.America Movil has gone through various configurations since Slim acquired Telefonos de Mexico, the state phone monopoly, in a 1990 privatization sale. Telmex, as the landline carrier is known, spun off its wireless unit a decade later to create America Movil.
FOLLOW THIS ARTICLE