Telecom Italia: Mexican stand off

Carlos Slim hasn’t taken defeat in the battle for Telecom Italia lightly. The Mexican telecoms magnate suffered a particular blow in being beaten by Spain’s Telefonica to a share of Pirelli’s controlling stake in the Italian telecoms group. The tie-up makes Telefonica a bigger player in his Latin American back yard. But by making the Spaniards sweat for their prize, he has made victory look less appealing. Slim has attacked the tie-up at a sensitive spot - Brazil. Telefonica was never going to ...