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By Christine Murray MEXICO CITY (Reuters) – Tycoon Carlos Slim, under fire from regulators in his home country, has spent the last two years sniffing out deals in Europe to offset an impending regulatory shake-up of Mexican telecoms. But though the reforms are the furthest-reaching measures passed against Slim since he became the dominant force in Mexicos telecoms market more than two decades ago, they are likely to take years to erode his hold on the business. Slims America Movil, which controls 70 percent of the Mexican mobile market and 80 percent of its fixed lines, was singled out for tougher measures last week by the Federal Telecommunications Institute (IFT), the new market regulator. His Mexico phone units must now present plans to lower rates for rivals using America Movils mobile network, eliminate roaming charges, open up the fixed-line network and share transmission towers, ducts and other nonelectronic infrastructure.