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América Móvil wins appeal against $1 billion fine

Thursday, May 3, 2012

América Móvil, the wireless carrier controlled by billionaire Carlos Slim, won an appeal striking down a fine of almost $1 billion by Mexico’s antitrust agency, warding off a move by regulators to contain his power.

The agency decided in a vote on April 30 to nullify its decision last year to penalize the company for monopolistic practices, Mexico City-based America Movil said.

In exchange for dropping the fine, America Movil had offered to reduce the fees it charges rivals to connect calls and to offer plans that included some minutes for calls to any network at the same rate.

Source: Bloomberg