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America Movil in Shareholder Pact Talks with Telekom Austria Shareholders

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Mexico's America Movil has confirmed it is in talks to form a shareholder's syndicate to control Telekom Austria. The Mexican firm currently owns a 27% stake in the European telecoms operator.

In a statement, America Movil confirmed that it has held talks with the Austrian government's own holding company, OIAG which owns a 28% stake in the company.

It did not clarify what the conditions would be for such a group of shareholders to pool their stakes would be, or how advanced the talks are.

A syndicate would act as an informal holding company, and each of the shareholders would vote in unison. A pact between America Movil and OIAG would have control of the company with a 55% stake in the firm.

America Movil has previously said that it would not launch a hostile bid for the company on its own, but might consider a friendly offer, if for example, the Austrian government were to sell its stake.

In related news, Telekom Austria has delayed a decision to renew the contract of its Chief Financial Officer, Han Tschuden following concerns raised by OIAG. The decision has to be taken by the end of next month though.

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Tags: telekom austria  america movil  Austria