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Carlos Slim consolidates stakes in Telekom Austria

16
Jan
2014

Billionaire investor Carlos Slims America Movil has agreed to raise its stake in Telekom Austria to a blocking minority that does not trigger a mandatory takeover offer. Telekom Austria said on Thursday that America Movil would directly and indirectly own 26.8 percent of the company after transferring a 3.14 percent stake from a Slim family foundation to America Movils European holding company, Carso Telecom B.V. Under Austrian law, stakeholders must make a mandatory takeover bid once they reach a threshold of 30 percent. The Austrian government holds 28 percent of Telekom Austria – in which Slim acquired his stake in 2012 – and has said it is also committed to maintaining its blocking minority. America Movil has said it does not plan a hostile takeover bid for Telekom Austria.

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