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Deal struck with America Movil over Telekom Austrian ownership

Telecom Austria will receive a 1 billion EUR boost in capital after the Austrian state agreed a deal yesterday with Mexican telecoms company America Movil to combine their shares in a co-ownership agreement.

The move is a major deal for the Mexican company - owned by billionaire Carlos Slim - who have been looking to claim a bigger stake in the European telecoms market for years. His previous attempt at a hostile takeover of Dutch group KPN was rejected last year, which likely led to him approach the Austrian company with more friendly caution.

In the agreed syndicate pact between the Austrian state holding company OIAG and America Movil will allow the state to hold onto a blocking majority and enable them to influence the direction of Telekom Austria whilst giving Carlos Slim's company joint ownership.

As part of the deal America Movil agreed to provide 1 billion EUR in extra capital as well as pay 7.15 EUR a share for Telekom Austria outstanding stock.

In a statement, head of OIAG Rudolf Kemler said the deal, which is in place now for ten years, would enable Telekom Austria to begin a stage of huge growth in Eastern and Central Europe.

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