Carlos Slim to divest America Movil assets

Mexican billionaire Carlos Slim's telecoms firm América Móvil has announced plans to divest assets and make the company smaller in order to comply with new antitrust legislation in Mexico.

The move means the company would have to divest about 20 million wireless users and 4 million landlines in order to cut its market share in the country to below 50 percent.

The new legislation means companies with more than 50 percent of market share will face heavy fines, and Slim's company controls 70 percent of Mexico's cellular phone market and 66 percent of its landline market.

Full story (in Spanish)