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Carlos Slim offers to shrink his Mexico telecoms empire

09
Jul
2014

By Christine Murray MEXICO CITY (Reuters) – Billionaire Carlos Slims America Movil said on Tuesday its board voted to divest assets to cut its Mexico telecommunications market share below 50 percent and avoid tough new regulations designed to curb his long-held dominance of the sector. The company, which controls about 70 percent of Mexicos mobile market and 80 percent of the fixed-line business, said in a statement it was ready to sell assets to a new, independent company. America Movil is being forced to slash costs it charges other companies to complete calls on its network and share infrastructure after a new market regulator declared it dominant in the fixed-line and mobile phone markets. America Movil added that after selling the assets, it expected to be allowed to offer all telecommunications services, which include pay TV.

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