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America Movil hikes stake in Telekom Austria to 26.8pct

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(Credit: Reuters) The logo of America Movil is seen in the company's new corporate offices in Mexico City.America Movil
January 17
7:39 AM 2014

Mexican tycoon Carlos Slim has the stake of his company, America Movil, in Telekom Austria to 26.8%, according to Telecompaper.

The Mexican billionaire has decided to combine his company and family holdings in the Austrian telecom services provider. Carlos Telekom, a Netherlands-registered America Movil subsidiary, has hiked its stake in Telekom Austria after buying a 3.14% interest from a family foundation, the report detailed.

The government of Austria is still the biggest stakeholder in the telecom operator. The state presently holds a 28% stake in Telekom Austria, the report added.

The strategic move by Slim brings together his direct and indirect stakes through several controlled subsidiaries. When a shareholder's total stake reaches 30%, it can be required to launch an offer for the remaining shares of the company, the report explained.

In November 2012, the Mexican telecom firm said it was not planning to launch a hostile bid for Telekom Austria, Telecompaper reported.

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