RPT-UPDATE 1-Mexico regulator cancels $1 bln fine: America Movil
MEXICO CITY May 2 (Reuters) - Mexico's competition watchdog has revoked a nearly 12 billion peso ($925 million) fine against the domestic unit of billionaire Carlos Slim's telecommunications firm America Movil, the company said on Wednesday.
America Movil , the cash cow of Slim's business empire, said in a statement that it "was notified with a resolution issued by the Federal Competition Commission (Cofeco) that revoked and left without effect a 11.989 billion peso fine for alleged relative monopolistic practices."
The revocation of the fine could strengthen the view that regulators in Mexico lack enough muscle to reign in the massive influence of a businessmen like Slim, the world's richest person, according to Forbes.
The market already bet America Movil would skirt the fine, with its shares closing on Wednesday at their highest since February 2011, before the first mention of the fine and concerns of a regulatory crackdown spurred a slump in the stock.
Federal competition commission Cofeco had slapped America Movil's Telcel with the record sanction in April 2011 after ruling the company charged excessive prices to wireless and wireline competitors to connect to its network.
Telcel appealed the fine and managed to ban Cofeco's President Eduardo Perez Motta from taking part in a second vote, after arguing he made biased comments to the media.
America Movil controls some 70 percent of the mobile market in Mexico, where it had 66.7 million subscribers as of March, and is the leading provider of mobile services in Latin America.
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