Carlos Slim lauds Mexico plan to create rivals

Written By Unknown on Senin, 18 Maret 2013 | 10.46

Mexican billionaire Carlos Slim said yesterday he welcomed a government plan to create competition in the nation's telecom sector — despite the fact that the plan has taken a bite out of his net worth.

The world's richest man — who has amassed his billions by monopolizing the nation's telecom services — told reporters that a reform bill announced last week will boost "universal service, better prices, higher speeds and convergence."

The telecom tycoon added that the bill will "hopefully" lure foreign competitors to Mexico.

Last week, the bill's unveiling sent shares of his phone company America Movil tumbling 13 percent. The shares got hammered last month following disappointing fourth-quarter results.

Slim's America Movil controls about 80 percent of Mexico's fixed line business and 70 percent of the mobile market.

The bill, which passed a House committee last week and will go before the Senate this week, would give regulators the power to force firms to sell assets if they have more than 50 percent of the market.


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