Mexico regulator wins America Movil concessions

MEXICO CITY May 3 (Reuters) - Mexico's competition watchdog won concessions from mobile phone company America Movil , controlled by tycoon Carlos Slim, forcing him to cut interconnection rates in exchange for dropping a record fine.

The giant phone company will cut its interconnection rates, the fees it charges rivals to tap its network, or face a fine of 8 percent of annual revenues, Mexico's Federal Competition Commission said in a statement.

The resolution ends a months-long battle over a several hundred million dollar fine contemplated by the regulator against America Movil's local brand Telcel. The regulator had found that Slim's company charged unfair fees to competitors.