America Movil Raises Stake in Telekom Austria
Published on: 17th Jan 2014
Note -- this news article is more than a year old.
By: Ian Mansfield
Mexican telecoms billionaire Carlos Slim has decided to consolidate his various shareholdings in Telekom Austria and transfer it to America Movil.
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.