America Movil will seek shareholder pact with Telekom Austria



Mexico City, february 25.- América Móvil announces that soon it could establish  formal negotiations with Telekom Austria in order to create a shareholders’ union with the Austrian biggest stakeholder.


Managed by Carlos Slim, América Móvil possess 27% of Telekom shares and said in a statement it held talks with different stakeholders of the Austrian company, including Osterreichische Industrieholding AG (OIAG).


In the statement, the Mexican company did not specified under what conditions the union should be formed, nor the European company has officially made any comments on the matter.


The shareholders pact will mean the partners have to vote unanimously in important issues and make sure OIAG has a vote in the company’s future, even if América Móvil has up to 28% of the shares.


América Móvil declares it was unclear if the negotiations will lead to an agreement to form the union and added that there is no common agreement with OIAG about Telekom Austria.


There is not a hostile takeover offer for Telekom Austria, according to the statement, but the company hopes to achieve a friendly agreement or an offer for the acquisition.


Last week, a magazine in Austria published that the Mexican company planned a friendly takeover through a shareholders’ union that would lead to a public offer, which could amount over 750 million euros.


According to the statement, a draft version of the union contract with OIAG includes pooling the shares of the two biggest shareholders for 10 years with a 5 years extension option.


 (Mexican Business Web, with media information)

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