Salvadoran regulator snubs Slim's bid for Telefónica unit

El Salvador’s competition authority on Tuesday said it had rejected a bid by Mexican telecoms company America Movil to acquire the local unit of Spanish rival Telefonica, arguing the planned takeover did not meet anti-trust requirements.

The bid by America Movil, which is controlled by the family of Mexican billionaire Carlos Slim, was “inadmissible”, Reuters reports.