America Movil and Telefonica scrap EI Salvador sale

摘要

America Movil cancelled an agreement to acquire 99.3 per cent of Telefonica units in EI Salvador, blaming the collapse on regulatory demands. In a statement, America Movil said the decision was mutually agreed with Telefonica: "after careful consideration by both parties of the conditions to obtaining regulatory approval established by the Superintendencia de Competencia in their recent ruling on the proposed transaction". Last month the anti-competition regulator greenlit the deal on the condition America Movil, owned by Mexican billionaire Carlos Slim, would adhere to regulatory rules set by the regulator to safeguard competition in the country.