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Telekom Austria pact could be agreed today

The state holding company that holds shares in Telekom Austria is expected to agree a contract with telecoms company America Movil over the pooling of shares today and move forward to the finalising stage.

Rudolf Kemler, head of holding company OIAG that has a 28 percent share in the Austrian telecoms company, said this authorisation is likely to take place today, with the whole deal then completed within a few weeks.

The syndicate deal between the two would mean that the Austrian state is still able to have a say in the direction of the company whilst America Movil, owned by telecoms billionaire Carlos Slim, could gain control. The deal means that both partners would also have to vote unanimously over important issues.

On Wednesday Kemler said there is no final agreement yet but that the negotiating teams are well on their way. "I am convinced that we will get to the end very quickly. I believe the talks so far give cause for optimism," he said.

However, he also reported that no discussions had begun over how to manage a takeover bid that would become mandatory once the OIAG shares are pooled with America Movil's 27 percent stake, bringing them to past the 30 percent threshold.

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