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Mexico: New antimonopoly law not afraid to tackle Carlos Slim

By  |  June 12, 2013
Mexico: New antimonopoly law not afraid to tackle Carlos Slim

Mexico has officially signed into law its groundbreaking antimonopoly telecommunications bill, giving government officials the legislative power to force telco giants to sell off assets and promote competition within the market. Despite skepticism, government officials are assuring the seriousness of their threats to force divestures of the business of Carlos Slim, telco tycoon and the world’s richest man up until last month. Now that Mexico is underway with the landmark legislation legislation, officials say their agenda stands strong for Carlos Slim, who has dominated the Mexican telco market since 2010 with his ownership of America Movil. Slim recently sold much of his stake in the company, however, thanks to the new legislation unveiled by President Nieto last month, which put Slims behind Bill gates as the wealthiest man in the world. The government’s reforms will reportedly strip legal covers previously used by telco companies, including America Movil units, to legally fight government attempts to break-up dominant businesses.

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