Mexico Lawmakers Approve Telecom Bill Challenging Slim’s Power

Mexican lawmakers approved a bill to create more competition in telecommunications, paving the way for regulatory changes that are forcing billionaire Carlos Slim’s America Movil SAB to break up its dominant phone business in the country.

Mexico’s lower house voted 318 to 107, with no abstentions, in favor of the bill, which was passed by the Senate over the weekend after more than six months of delays and legal challenges. The law will need the endorsement of President Enrique Pena Nieto, who has spearheaded the push for the sweeping legislation.