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Slim’s America Movil asset sale fans hope for cheaper phone bills

16
Jul
2014

By Michael OBoyle MEXICO CITY (Reuters) – A quick sale of a block of billionaire Carlos Slims vast telecoms empire to a foreign company may be the fastest path to lower prices, broader coverage and better service for Mexican consumers. Controlling around 70 percent of Mexicos mobile market and more than 60 percent of landlines, Slims America Movil has been blamed for overcharging consumers for patchy service since he bought a former state-run phone monopoly in the early 1990s. Mexico has for years lagged other emerging markets in telecoms, prompting a radical reform to curb Slims dominance that President Enrique Pena Nieto signed into law on Monday. America Movil said it would sell assets to a new operator to bring its market share in Mexico below 50 percent and avoid antitrust measures that force Slim to lower connection costs for rivals and share his infrastructure.

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