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Formal negotiations on Telekom Austria yet to begin

The state holding company that owns shares in Telekom Austria has said that negotiations over the pooling of its shares with telecoms company America Movil have not entered formal stages.

OIAG released a statement following a special board meeting yesterday that had been called for by Telekoms Austrian works council who wanted the holding company to clarify their position over the proposal from America Movil to create a syndicate pact.

Owned by Mexican billionaire and telecoms tycoon Carlos Slim, America Movil are looking to kick-start a takeover offer by pooling shares with OIAG, bringing the collective stake above the 30% threshold needed to launch a takeover bid.

If successful, the friendly takeover would allow America Movil ownership of Telekoms Austria whilst ensuring the Austrian government continued to input into the direction of the company and the decision making process.

OIAG currently have 28% stake in the company and have promised to maintain their shares above the 25% blocking majority. They have also reiterated that headquarters would not change location

The Telekoms Austria works council in February emphasised that the government's role as the largest shareholder is the best guarantee of jobs, leading to calls for the OIAG to clarify it's position regarding the friendly takeover.

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