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American Movil in informal talks over Telekom Austria

Formal discussions to agree on a pact between the largest Telekom Austria shareholders America Movil and the state holding company OIAG, could soon begin.

The Mexican telecoms company America Movil owned by billionaire Carlos Slim has indicated that there is no current agreement but informal discussions with various stakeholders have started.

The company have recently indicated that they would be keen to start a syndicate agreement which would pool shares together, ensuring that the Austrian OIAG would continue 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.

It is not clear if the current informal discussions will lead to the syndicate agreement desired by the Mexinan telecoms giant.

The Austrian state holding company currently has a 28% stake in Telekoms Austria and has promised to not go below the 25% needed for a blocking majority.

America Movil, who have a 27% stake have said they will not initiate a hostile takeover but would like to make a friendly offer for control of the majority of the company.

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