Seeking Alpha

America Movil makes push for control of Telekom Austria

  • America Movil (AMX +0.6%) has confirmed reports it's talking with Austrian government holding company OIAG to pool their stakes (26.8% and 28.4%, respectively)  in Telekom Austria (TKAGY +1.9%) to form a syndicate. Such a deal would trigger an offer for outstanding Telekom Austria shares, thus paving the way for Carlos Slim's company to gain control of the Austrian carrier.
  • Austria's economy minister says talks between the government and AMX could conclude within weeks.
  • With AMX seeing minimal service revenue growth in its core Latin American markets, the company is increasingly turning its eyes toward Europe. AMX withdrew an offer for Dutch carrier KPN in October after talks broke down over price.
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