Carlos Slim says plans for Europe are on hold

Mexican tycoon Carlos Slim said he has no immediate plans for further telecommunications purchases in Europe after buying into Dutch firm KPN.

Asked if he was looking to expand further in Europe after the two recent deals, Slim told Reuters: "No, no. We're not looking for nothing now. We are going to consolidate what we've got".

Slim's America Movil, which is present in roughly a dozen Latin American countries, is establishing a beachhead in Europe where a combination of tough competition and recession in many markets has beaten down some company valuations to near decade lows.

Source: Reuters