America Movil Aims To Cut Mexico Market Share Below 50 Percent
Billionaire Carlos Slim’s America Movil said on Tuesday its board voted to sell off assets to cut its Mexico telecommunications market share below 50 percent in order to avoid tough new regulations designed to curb its long-held dominance of the sector. America Movil, which runs mobile, Internet and fixed-line businesses, said in a statement that its board of directors had decided to sell certain assets to a new company independent of America Movil. It did not specify the assets. Slim’s companies are being forced to slash costs they charge other companies to complete calls on their network and share infrastructure after a new market regulator declared it dominant in the fixed-line and mobile phone markets.
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