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Telekom Austria

Movil presents options for a friendly takeover of Telekom Austria

Austria's state holding company with a 28% share in Telekom Austria has reiterated that the company will remain based in Austria, amid rumours that America Movil may be planning a friendly takeover.

Holding company OIAG also said that it wants Telekom Austria to continue to be listed on the Vienna stock market and emphasised that research and development would stay in Austria.

Second major shareholder America Movil, owned by Mexican telecoms billionaire Carlos Slim, have said they do not want to initiate a hostile takeover of the company but are likely to make a friendly offer for control of the majority of the company.

OIAG has not commented on the possibility of a friendly takeover although head of the group, and Chairman of Telekom Austria, Rudolf Kemler said that "OIAG has a strategic responsibility to think about future constellations when it comes to such a significant company for Austria."

He also reiterated that OIAG would retain the 25% share required for a blocking majority.

America Movil have suggested pooling shares together into a pact could be done to help ensure OIAG would continute to contribute to the company's future. A pact such as this would require votes in unison even if America Movil raised their stake higher than that of OIAG.

The Mexican's telecoms company has also said they would contribute up to 750 million Euros to the company to fuel expansion.

If Austria agreed to the shareholders pact then America Movil would look to make a public  takeover offer at the closing of the contract.

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