Slim spotted one of Mexico’s most renowned poets, Homero Aridjis, reading a newspaper for sale in the store. There was one problem. Slim wanted more: a concession to build and operate a hydroelectric power station. He retains nearly 70 percent of the cellphone market and about 65 percent of fixed lines.
By Azam Ahmed, Randal C. Archibold and Elisabeth Malkin. “The option is a lower price,” Mr. Mr. Slim’s appeals of the ruling lasted a decade, until a judge decided in his favor. Mr. The government and Mexico’s three major parties met secretly, choosing different locations around Mexico City, often late at night, to avoid word leaking out until the legislation was almost ready. He is even doing business with Halliburton’s most famous alumnus, Dick Cheney, investing alongside the former vice president in WellAware, a Texas oil services software start-up. Even before he became a household name in Mexico, Carlos Slim was a wealthy man.
On a per-share basis, the New York-based company said it had profit of 9 cents. Under the new law, it must submit to special rules as the dominant phone company. Carlos Slim, The New York Times' largest single investor, has sold about $10 million worth of stock in the paper, according to a filing with the U.S. Securities and Exchange Commission. But the warrants, which expired this month, were issued in connection with that deal. Slim invested heavily in Mexico’s phone service in the early years, the pace slackened significantly by the 2000s. “And I suspect he was planning three moves ahead.”. It was derided by one critic in a review as a “grab bag of objects across endless categories.”, Ronaldo Schemidt/Agence France-Presse — Getty Images. Mr. Overhauling telecom was a crucial part of President Enrique Peña Nieto’s push to recast the image of Mexico and his party, which had governed the nation for seven decades before losing an election for the first time in 2000. Carlos Slim was twenty-four years old when he arrived in New York, in the summer of 1964. Mr. Mr. This year, Mexican regulators will determine if the new measures are enough to curb Mr. Slim’s dominance. Adios, amigos. “They began to insist that we have a lot of market share and that it was a reason to regulate us,” he said. Slim purchased from the Mexican government. Rather than hosting lavish spreads for meetings, Mr. It was an odd visit. Mr. Mexican billionaire Carlos Slim became the largest individual shareholder in New York Times Co. on Wednesday after exercising warrants that more than doubled his stake in the media company to 16.8%.
You may opt-out by. Once a deal was reached, lawmakers enshrined the law in the Constitution to head off Mr. Slim’s legal challenges, and set up special courts to rule on them. But public opinion was turning against him. “If I enter and win, it’s going to change my life,” Jacques Rogozinski, the Mexican official in charge of the sale, recalled Mr. This assertion enrages Mr.
Many Mexicans felt they were paying more for less, creating an opening for the new government. As Mr. Peña Nieto took office in 2012, a plan was hatched. Forbes estimates Slim's net worth at $68.4 billion, making him the 6th richest person in the world. Slim eventually backed down. Hurt Telmex, the logic went, and you could hurt the market’s perception of Mexico. He then fought a nearly decade-long lawsuit by the investment arm of Brazil’s state-owned development bank, and waited patiently for lawmakers to let foreigners increase their control over pay television. Mexican telecom mogul Carlos Slim Helú sold $10 million worth of shares in The New York Times, according to a report filed Tuesday with the U.S. Securities and Exchange Commission. Slim during a 2013 demonstration in Lima, Peru, against his telecommunications monopoly in Mexico and his expansion into other Latin American countries. I was Washington correspondent for…, As a senior foreign correspondent based in Washington, D.C., I cover politics, trade and finances for print media and radio in Mexico. New ventures like iPhone apps failed to generate significant immediate revenue.
I cover Mexico's billionaires, politics and U.S.-Mexico relations. More than half of his cellphone company’s sales now come from outside Mexico. “I’m sure we should exercise the option, but we look at it like a financial investment that has been very good.”. (Kimberly White/Getty Images for New York... [+] Times). Arturo Elías Ayub, Slim's spokesperson and son-in-law, has not responded to a request for comment. In 1997, the Mexican Federal Competition Commission ruled that Telmex was too powerful. The historic district that Mr. Regulators in Mexico, sometimes against their government’s wishes, had tried for decades to rein in Mr. Slim’s dominance, finding themselves thwarted at every turn. Slim exercised warrants to acquire nearly 16 million shares of the company’s Class A stock at a price of over $6.36 a share, the company said, increasing his stake from 7 percent.
Slim befriended a president. Shortly after winning the bid for Telmex, as the national phone company is called, Mr. And for years, the money has flowed elsewhere. But eventually, there was dissension in the ranks.
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