OIAG paves the way for America Movil to increase Telekom Austria influence

31 Mar 2014

The board of Austrian state holding company OIAG – the controlling shareholder in Telekom Austria Group – has given its backing for the management to negotiate a shareholders’ syndicate agreement with fellow shareholder America Movil. According to local press reports, the approval was conditional on Telekom Austria’s headquarters remaining in Vienna and the Austrian government maintaining a blocking minority stake of 25%.

The two parties seek to reach agreement on a ten-year pact to pool their respective stakes in Telekom Austria, and negotiate an accompanying capital increase. A syndicate agreement could be ready for the partners’ signatures as early as next month, it has been suggested. Once the shareholder pact is finalised, the two companies will be required to submit an offer for TA’s remaining shares. America Movil is looking to boost its stake in Telekom Austria from 26.81% to at least 30%. Meanwhile, OIAG currently holds a 28.42% stake in the telco.

Austria, Telekom Austria Group, America Movil,

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