Mexican tycoon Carlos Slim has decided to hike America Movil's stake in Telekom Austria to 26.8% by consolidating his company and family holdings in the Austrian telecom firm.
America Movil
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As its acquisitions increase and earnings go down, billionaire Carlos Slim's mobile phone firm America Movil's record rate of stock repurchases could decrease, Bloomberg reported.
After moving to block an attempted takeover of Royal KPN NV by Carlos Slim's America Movil, KPN Foundation was considering exiting its ownership stake in the Dutch phone company.
A Bloomberg report predicted that billionaire Carlos Slim could invest in telecom companies in Europe and Brazil after his botched buyout of Dutch telecom company Royal KPN NV.
The European expansion plans of billionaire Carlos Slim was put on hold after failing to persuade the management of KPN to accept his takeover proposal.
America Movil's plan to acquire Royal KPN encountered price disagreements as KPN's management wanted a higher price for the offer, said sources.
America Movil is biding its time in making a formal offer for KPN.
The deal where America Movil bids for KPN Foundation is unclear.
KPN's negotiations with America Movil regarding the EUR7.2 billion or USD9.58 million bid remained to be over.
Royal KPN NV announced in a statement today that its Chief Financial Officer (CFO) Eric Hageman filed for resignation effective immediately.
A source told Reuters that Naguib Sawiris, America Movil and AT&T made preliminary contact with the core investors in Telecom Italia who wanted to exit the company.
Arturo Elias, Carlos Slim's chief spokesman said America Movil had no intentions of raising its offered bid for the remaining stake of KPN.
The foundation of Royal KPN exercised its option to purchase preferred shares of the company to block America Movil's bid for majority ownership.
KPN foundation had intervened to block the EUR7.2 billion America Movil-KPN deal to safeguard the group's stakeholders.
Telekom Austria plans to raise EUR500 million to buy new frequencies and acquire companies.
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