According to a report in the Financial Times, the resolution brings an end to a long standing complaint against Mexico City-headquartered Móvil and its chairman Mr Slim – reputedly the world’s wealthiest man.
In a brief statement, Móvil confirmed that it had made unspecified concessions to Mexican competition watchdog Cofeco, which then withdrew its planned 12bn pesos ($950m) fine.

Future legislation?

The conflict arose from an interconnection charge that Móvil -- the fifth largest global mobile network operator in terms of equity subscribers – imposed on other operators. According to Cofeco, that charge has now been reduced by more than half.
Ernesto Piedras, head of the Mexico-based telecommunications consultancy, the Competitive Intelligence Unit, said not everyone was pleased with Cofeco’s work. He told the FT: ‘What I don’t at all see in the Cofeco statement is what the future will hold. Will there be legislation to ensure that these sorts of things won’t happen again?’

'Slim watch'

Eduardo García, publisher of the respected Sentido Común website that includes a regular ‘Slim Watch’ section on the mogul, feels that Mr Slim will be delighted to avoid being branded as a monopolist. He said: ‘Even if it cost about $6bn in concessions – as Cofeco has claimed – it will have been important to preserve Slim’s reputation as a fair businessman.’