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Carlos Slim rejects claims by lawmakers in Colombia

Tuesday, October 30, 2012

Mexican billionaire Carlos Slim, on a visit Friday to Colombia, rejected claims by lawmakers in Bogota that his telecommunications firm America Movil needs to be reined in and regulated because it has gained too dominant a position in the country's wireless sector.

America Movil is Latin America's biggest wireless phone service provider, and the company's third-largest market is Colombia, where it commands a 60 percent market share.

"In terms of a monopoly, in any economic activity in which two or three firms are competing, one has to be bigger than the other," Mr. Slim said in Cartagena. "The fact that one company has a bigger share is a result of customer preference."

Source: Foxbusiness