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Telekoms Austria council to discuss America Movil shares pool

In response to calls for more information about a potential takeover of Telekoms Austria, the state holding company with shares the company have announced they will hold a meeting next week with the works council.

The news follows concerns voiced by the Central Works Council of Telekom Austria last month over the need for more clarity on the position of the OIAG holding company with regards to a friendly takeover bid likely to be launched by telecoms company America Movil.

Owned by Mexican billionaire Carlos Slim, America Movil are in talks with OIAG over how to enter a pact whereby their shares would be pooled, bringing them to the 30% stake threshold that's mandatory for a takeover offer. OIAG currently hold a 28% stake of Telekoms Austria whilst America Movil own 27%.

If carried out the plan would allow Slim's company to own Telekom Austria whilst ensuring the state would continue to have a say in the direction and decision of the company.

The meeting held between OIAG and the Telekom Austria works council will take place on Tuesday. The works council in February emphasised that the government's role as the largest shareholder as the best guarantee of jobs and wanted the OIAG to clarify it's position over pooling the shares.

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