America Movil Falls as AT&T’s Mexican Deal Spurs Competition

Carlos Slim’s America Movil SAB declined after AT&T Inc. agreed to buy a rival Mexican mobile-phone operator, solidifying the U.S. phone company’s transformation from ally to competitor.

AT&T announced after markets closed Nov. 7 that it will pay $2.5 billion for Grupo Iusacell SA. The purchase of the third-largest mobile-phone operator in Mexico places the Dallas-based company in direct competition with America Movil.