Mexico’s Senate is said to have voted in favor of legislation aimed at taking on the dominance of Carlos Slim, the owner of top telco America Movil.
According to reports, Mexico’s lower house is now set to debate the bill. The Senate’s approval of the rules pushed the bill one step closer to becoming law after months of debate, controversy and legal challenges.
According to the Institutional Revolutionary Party’s leader Manlio Fabio Betrones, the bill could pass as early as Tuesday.
The Senate passed the bill last Sundya after 17 hours of debate, reports say. The legialtion is part of President Enrique Pena Nieto’s efforts to reign in America Movil’s market dominance and boost competition in the telecommunications sector. The bill would also tackle the dominance of Grupo Televisa, which was also declared dominant.
Reports say the bill would allow dominant companies like Grupo Televisa and America Movil to propose their own divestitures to reduce their market share. The rules would also place caps on prices and require dominant companies to share infrastructure.
Full content: Bloomberg
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