MEXICO.- With the passage of the new Telecomm Law in Mexico, America Movil, the company owned by billionaire Carlos Slim, will be forced to sell part of its shares in order to not become a target for sanctions. Under the new law, "dominant agents" in the industry are subject to sanctions and other restrictions. According to Bloomberg, U.S. company AT&T will acquire part of the shares sold off by America Movil, at a value of more than 17 billion dollars.
Some months ago it was reported that the sale would put Carlos Slim once again in the position of "richest man in the world" even though he would lose part of his company. The sale of shares comprises of company infrastructure along the Eastern coast of Mexico, running from north to south of the country. Currently, America Movil owns 80% of land lines and 70% of wireless lines and its inventory has had to be reduced by 50%.
In addition to AT&T, America Movil has also considered buyers BCE Inc, Bell Canada and China Mobile Ltf. It is worth noting that AT&T had already focused its sights on Mexico, and it had been previoiusly announced that in partnership with Direct TV it would expand its telecomm services.