Maxico's America Movil is launching a takeover bid for the Telekom
Austria Group with secure an agreement with the Austrian government's own
holding company IAG.
America Movil and ÖIAG have initially signed a shareholders’
agreement to effectively pool their stakes in the telecoms company into a
single syndicate.
America Movil already owns 26.4% of the company, while the
government owns 28.4% of the telco.
Now that the agreement, which had been expected, has been signed,
the two companies jointly control more than 30% of the shares and are required
by Austrian stock market rules to launch a takeover bid for the company.
Subject to the closing of the takeover bid, the two shareholders
will also pump an additional EUR1 billion into the company to help fund network
upgrades.
America Movil will take over management of the company, although
it is expected that the Austrian government would, through ÖIAG remain the
larger of the two shareholders. ÖIAG also has the right to nominate the CEO and
Chairman of the company.
Telekom Austria currently operates in Austria, Belarus, Bulgaria,
Croatia, Serbia, Macedonia, Liechtenstein and Slovenia.
Post Date 24-April-2014
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