President of Mexico rejects the Government’s repurchase of Telmex telephone company

The Mexican president, Andrés Manuel López Obradorrejected this Tuesday that the Government buy back Telephones of Mexico (Telmex) after the magnate Carlos Slimwho acquired the former state company in 1990, acknowledged that “it’s no longer business”.

“No, no, no, not at all. And Carlos has done well because he is a good businessman, just as he has done well for others, almost all businessmen.“, the president answered questions from the media in his morning conference.

López Obrador referred to the statements of Slimwho held a press conference on Monday to declare that “Telmex is no longer a business” and “it has been in the red for 10 years”.

Analysts attribute the fortune of Slimthe richest man in Mexico and the eighth wealthiest in the world, according to Forbes, to his acquisition of Telmex in 1990, when the state telephone company was privatized under President Carlos Salinas de Gortari (1988-1994).

Although López Obrador and Slim have previously exchanged criticism over this privatization and other disagreements in political positions, now the president praised his business skills.

“If he, I repeat, has increased his fortune it is because he is a good businessman and, furthermore, because money calls money.”, commented the president.

In his conference, the businessman rejected accusations that he has received favoritism from the López Obrador Government, such as in the construction of a section of the Mayan Train.

Without referring to this specifically, the president argued that the profits of Slim and other businessmen during his Government (2018-2024) show that his economic model works.

“I have already said several times that when the milpa (the corn harvest) grows well, it is even enough for the bird. For this reason, they (businessmen) are verifying that our economic model works, what we call Mexican humanism, which is unique.“, held.