Mexican tycoon Slim's America Movil challenges telecom ruling

Reuters News
Posted: Apr 02, 2014 1:23 AM

MEXICO CITY (Reuters) - Carlos Slim's phone and Internet giant, America Movil, has challenged a ruling by Mexico's new telecommunications regulator that says the company dominates its market.

America Movil said Tuesday in statement filed with the Mexican stock exchange that it has filed an injunction against the regulator's ruling.

Slim's America Movil, which has about 80 percent of Mexico's fixed-line business and some 70 percent of the mobile sector, was ruled dominant in its market by the Federal Telecommunications Institute (IFT).

Mexico is trying to open up its phone and TV industries to more competition following last year's passage of landmark telecommunications reform that targets the vast market shares enjoyed by Slim and the country's No.1 broadcaster, Televisa.

(Reporting by David Alire Garcia; Editing by Matt Driskill)