If you look at what has happened over the last 10 years or so, you will see that the value creation was quite significant for América Móvil, led its original basis which was Mexico to innovate, to move to other countries particularly in South America. So today one could not consider América Móvil having we not entered markets like Brazil, like Colombia, like Argentina as we’re doing (inaudible) in this process M&A was a key ingredient of the value creation that we've developed over the years.
Now since we did not have that many more opportunities here in Latin America in terms of M&A, we really are running out of many meaningful opportunities. We started to look at other options, one option certainly was the US, that one that came up repeatedly in the last year, the last couple of years, but as you know we have in the US the MVNO that has been our model that has worked very, very well for us and for a number of reasons we have decided against owning a network, becoming a network operator in the US.
So we really started looking at other options and quite frankly we are not a rush to do anything and we basically took our time, but I would say that as of late, the evaluations in Europe start to make more sensible. Clearly, we will have a number of challenges the way that we have say, in the short term, but we think that with long-term perspective evaluations for Europe today appear to be at front peak probably and more so than in other regions of the world.
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