Hero or villain? Some point to him as the only one capable of solving the structural problems of his country, thanks to his great capacity and immense fortune. They even nominated him as president, although he already warned that he does not plan to run for office. Instead, their detractors say that their holding monopolizes one of the most important and thriving industries of recent years, and that this situation inflates the prices of services.
Carlos Slim Helú went a long way to become one of the most recognized and controversial figures in the history of Mexico. Close to the political power and owner of one of the most influential and profitable economic groups worldwide, he will turn 80 and point out that his retirement from activity could be close.
While he built his business career through the Carso Group, which launched him to fame in the early 1990s when he went public, his wealth comes from América Móvil, the leading player in the telecommunications industry in Latin America. However, telephony is only one of its interests as it also develops projects and activities in construction, retail, mass consumption, banking, mining and tobacco, among others.
Before becoming the richest man in the world, since he held for several years, many point out that his true growth occurred as a 'vulture' during the Mexican financial crisis of 1982. In the following years, Slim became more than one dozens of companies, between bankrupt and in crisis, that were sold for very low prices in the face of the desperation of capital.
Then, came the hand of the modern "King Midas". He managed to turn the numbers of these firms and achieve a positive performance. Your investments are not strategic but keep an interest of pure return. Buy at low prices, restructure so that the balances are painted blue again and sell at a valuation higher than that acquired.
Slim is away from the day-to-day business of his companies, an activity he delegated to his six children, but he continues to be a leading personality in Mexico. It moves influences, meets with national and foreign politicians and announces billionaire disbursements.
But his lifestyle seems not to be that of an ostentatious millionaire, at least in some details, such as having lived for 40 years in the same house in the neighborhood of his childhood or his predilection for driving his car to go to work instead Of having a driver. "It's the image you want to give," say those who know him.
Clear accounts
His father, Khalil Salim Haddad Aglamaz, arrived in Mexico in 1902 from Lebanon, where he had escaped to avoid conscription of the Ottoman Empire.
Step by step he began his life as an entrepreneur, first with a haberdashery - which he attended with his son - and then through the sale of properties. It was precisely from his father that Slim learned to buy cheap and sell expensive. Salim Haddad changed his name to Julian Slim Haddad shortly after stepping on Mexican soil.
He taught his son to read financial documents so that he knows how to interpret the best decision, and action to be taken, with their titles and values. Thus, the future tycoon began negotiating shares and signing checks with only 12 years. Soon, his father died and he took over the family business.
He studied civil engineering at the National Autonomous University of Mexico (UNAM), which is why he earned the nickname of 'the engineer' among his collaborators. Later he served as operator of the auction area in the Mexican Stock Exchange, but his true vocation was to develop his solo career.
Then, in 1965, he founded Stock Market Investor (Inbursa), dedicated to the brokerage of shares. To this was added a unit focused on the real estate business, a leg specialized in construction. He also added to his portfolio the bottler, a mine and Galas, a broken company that made calendars. In 1980 he gathered all these companies in the Galas Group, renamed Grupo Inbursa two years later.
The following decade was one of great activity for Slim. He took advantage of the Mexican crisis to buy the majority of shares of several companies, including the Cigatam tobacco company, the Sanborns and Nanocobre Industries chain. They say that between 1980 and 1990 there were more than twelve companies that added, several of them still have them under their wing; others served to obtain economic revenue after detaching in exchange for a significant sum.
From entrepreneur to millionaire
The arrival of a new decade brought the momentum that Slim needed to achieve fame. Its holding company, which was renamed Grupo Carso, made its stock market debut in June 1990.
At the end of that year he stayed with Telephones of Mexico (Telmex) after winning the public tender of the privatized Mexican telecommunications company. The operation was carried out for almost US $ 1.8 billion in partnership with Southwestern Bell, which was then merged with AT&T, France Telecom and some local investors.
Slim would make this firm his true workhorse in the business world. "Telecommunications are the nervous system of modern civilization," he says. The landline business was joined by the mobile phone with Radio Dipsa, which he renamed Telcel.
América Móvil was born from this business unit and gained prominence. The company, which operates in several countries under the Claro brand, offered US $ 23,000 M for 59% of Telmex and a year later US $ 6,500 M for the remaining percentage. This gave Slim 70% control of the mobile phone market in Mexico and more than 80% of the share in terms of fixed lines.
However, in 2013 he found a stone along the way. The Mexican Government approved a reform of the Telecommunications Law that installed penalties for players who exercised a dominant position and provided greater flexibility for foreign investors to enter the local market.
In 2017, América Móvil was asked to split Telmex and Telnor (a unit that serves northwest locations) into two separate firms. Given this scenario, Slim deepened investments in other countries: it completed the sale of Nextel Brasil (US $ 905 million) and bought Telefónica its operations in Guatemala and El Salvador (US $ 648 million).
On the other hand, Carso continued to grow and the holding company was divided into four units, each also made up of multiple companies:
- Sanborns Group: the commercial leg (and the most successful). It is integrated by the chain that gives its name, Sears Mexico, iShop, DAX and a couple of shopping centers
- Carso Infraestructura y Construcción (CICSA): the business unit dedicated to construction, which develops civil works as well as housing.
- Condumex Group: focuses on the manufacture and marketing of products for the telecommunications, automotive, energy and oil industry, among others
- Carso Energy: created in 2014, performs exploitation and transportation of hydrocarbons and gas
Despite his eagerness to remain active, an almost tragic event marked a before and after in Slim's life: an open heart operation, in 1997, which had him 24 hours in critical condition and with an artificial respirator. They even claim that for several lapses he was on the verge of death.
After that, he decided to step away from the executive direction of his companies and remain as honorary president. His sons Carlos, Patricio and Marco Antonio inherited the main chair in Telmex, Grupo Carso and Inbursa, respectively.
Without telco, there is no fortune
There is no point of comparison between Carso and América Móvil: most of the Mexican businessman's fortune, valued at more than US $ 60,000 million, according to the Bloomberg billionaire ranking, is due precisely to telco.
Between January and September, the firm reported revenues of 744,100 million Mexican pesos, that is, about US $ 37,000 million, according to the current price. Its net income was 46,500 million pesos and among the 25 countries in which it operates it reached a total of 278 million wireless lines.
Its revenue is distributed evenly, since 34% is taken by prepaid services, while 30% of the billing share corresponds to postpaid. Argentina, Uruguay and Paraguay (counts these markets as a unit) exceeded 24 million subscribers.
Telmex's operations allowed Slim to become the first non-US to become the richest person in the world, according to Forbes, in 2010. He moved no less than Bill Gates in that position and was able to keep his place for four consecutive years.
On the other hand, Carso has the consumer business as its main engine. Of the 96.6 billion pesos billed in 2018, more than 51.7 billion were generated by the Sanborns Group. Also, while Sears declared bankruptcy in the US. In the US, the Mexican subsidiary was experiencing a time of prosperity and starred in half of the income of this division.
For its part, CICSA was the one that grew the most during the first half of 2019 with a 20% increase in its revenue. However, in the same year he suffered a setback by President Andrés Manuel López Obrador (AMLO), who canceled the construction of the new airport in Mexico City, a work in which Slim had great interest.
The last enemy
"The predominance of a minority and the linking of economic and political power, that the Government is only at the service of a group," AMLO said shortly after being elected as president of Mexico.
It seemed a direct message to Slim, whose link with the great spheres of the State had been one of the main points of criticism for his detractors. In addition to the work of the airport, the president wanted to backtrack with a pipeline construction project in the hands of Carso. "Those contracts were abusive," he said.
It seemed that after years of a pleasant relationship with the government on duty, this time the millionaire had found a true adversary for his business. The link remained tight during part of López Obrador's first presidential year until they decided to calm the waters for the benefit of both. Slim does not belittle the possibility of having a helping hand in the Government and AMLO welcomes the millions that the businessman promises to invest. Meeting and protocol photo to seal the new peace agreement.
The magnate announced that he will invest 100,000 million Mexican pesos during the six years of the president's administration. The main amount will, of course, go to the telecommunications unit, with a disbursement of 700 million pesos. At 79, Slim once again demonstrated his powerful influence on Mexican life, even many came to refer to the country as Slimlandia.
However, as a result of the encounter between them, a little pearl emerged. AMLO assured that Slim confessed to him that he wanted to retire permanently from the activity before 2024, when he would turn 84.
"The engineer Slim commented with the President that the two have almost 6 years of intense work for the country. The President by electoral mandate and the Engineer by his age," explained his son-in-law and spokesman, Arturo Elías. A few years ago, Slim revealed that he has already armed the succession plan of his empire. The details are only he and are under seven keys.
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