Billionaire Slim, America Movil, could profit from election of Mexican leftist
Billionaire Carlos Slim has had harsh words for Mexico’s presidential frontrunner, saying recently he is “concerned and afraid” about what leftist Andres Manuel Lopez Obrador might do if elected.
But a victory by Lopez Obrador, who holds a double-digit lead in most polls before the July 1 vote, could provide upside for Slim’s fortunes, particularly with regard to his America Movil (AMXL.MX) telecommunications empire, Reuters interviews with a dozen close friends, partners and other people familiar with their dealings show.
Lopez Obrador’s pick for telecoms minister, Javier Jimenez, told Reuters he favors re-examining some regulations stemming from Mexico’s landmark 2014 telecommunications reform, a law that has clipped America Movil’s profits and inhibited its expansion.