Telefónica and Iusacell gang up on Slim in Mexico
Spain's Telefónica and Mexico's Iusacell have announced plans to compete jointly in Mexico's cell-phone industry against the world's richest man, Carlos Slim, and his multi-million empire.
Slim controls 70 percent of the Mexican cell-phone industry, something Mexican authorities call a "preponderance".
"We are uniting against a monopoly," said Juan Abellán, director of Telefonica in Mexico.The plan is for both companies to share their infrastructure in order to reach almost 90 percent of Mexico's 110 million population.
Full story (in Spanish)