America Movil to cut market share

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AmericaMovil1 Reuters. America Movil.

Mexico City - America Movil, the telecommunications giant of magnate Carlos Slim, said Tuesday it will slash its majority share of the Mexican market to below 50 percent.

The company said it wanted to stop being a “dominant economic force.”

It acted minutes after an ambitious telecoms reform, designed to trim the power of telephone and TV monopolies, was approved by the Chamber of Deputies.

America Movil includes the fixed line company Telmex and mobile phone carrier Telcel.

The former controls 80 percent of its market and the latter, 70 percent.

America Movil said in a statement it would sell assets to a “new operator” which it did not identify.

A spokesman contacted by AFP declined to say which assets would be sold.

America Movil has 292 million cell phone users in 26 countries, nearly 74 million of them in Mexico. - Sapa-AFP

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