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Austria authorises final negotiations over Telekom Austria

Negotiations between Telekom Austria's state holding company and America Movil have been given the go ahead by Austria, kicking off weeks of discussions over the details of a syndicate pact that would pool together the shares held by both companies in the telecoms firm.

The Austrian state authorised on Friday for state holding company OIAG to enter formal discussion with the telecoms company run by Mexican billionaire Carlos Slim.

It is hoped that syndicate pact between the two would allow OIAG to hold onto a blocking vote and enable them to influence the direction of Telekom Austria whilst allowing America Movil ownership.

Other points under discussion in the coming weeks will be regarding the headquarters of Telekoms Austria, which the state have assured will not be moved from the country.

Also due to be talked about is how the takeover bid will be managed when the shares are pooled, bringing OIAG's 28 percent and America Movil's 27 percent stake to well over the 30 percent threshold that triggers a mandatory takeover bid.

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