America Movil Raises Stake in Telekom Austria
Published on: 17th Jan 2014
Note -- this news article is more than a year old.
Mexican telecoms billionaire, Carlos Slim has decided to consolidate his various shareholdings in Telekom Austria, and transfer it to America Movil.
As a result of the tidy up, America Movil will own 26.8 percent of Telekom Austria after buying a 3.14 percent stake from his own family holding company.
The stake is technically now held by Carso Telecom, a European holding company owned by America Movil.
The changes give America Movil a veto over significant decisions taken by the European firm, but falls short of the 30% level that would trigger a mandatory take-over bid.
Telekom Austria confirmed that part of the reason for the tidy up was to ensure that separate shareholdings did not breach the 30% level for parties later found to have been working together.
The Austrian government is also a major shareholder, and owns 28% of the company. Although it has previously indicated that it might sell the stake, it now says it will maitain at least a 25% stake in future.