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Hiccups in Telekom Austria talks

Negotiations over ownership of Telekom Austrian between the state holding company and the telecoms company America Movil have hit a bump in the road.

Difficulties have arisen over the insistence from OIAG, the holding company of the Austrian government who currently have a 28% stake in Telekom Austria, on holding onto veto rights. It is understood that America Movil have rejected a draft of the syndicate that included these demands.

America Movil, owned by Mexican billionaire Carlos Slim, currently has a 27% share of the Austrian Telekoms company but have been negotiating with OIAG over pooling shares together to create a syndicate pact.

Such a pact would allow Austria to take part in the decision making progresses whilst also enabling America Movil to move forward with a friendly takeover offer.

Talks have not reached formal stages yet but are said to be on a knife's edge, according to sources published in the Kurier newspaper.

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