Jul. 15, 2014, 1:40 AM
- America Movil (NYSE:AMX) is increasing its ownership in Telekom Austria (OTCMKTS:TKAGY) from 27% to 50.8%. The $1B buyout marks America Movil's first successful move into the European market after it failed to acquire Dutch carrier KPN last year.
- The company is also looking to particularly expand its operating base outside of Mexico after new legislation passed last week requiring the telecom giant to cut its Mexican market share below 50%.
Feb. 25, 2014, 12:15 PM
- 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.
Nov. 14, 2013, 1:42 PM
- A month after withdrawing its $10.7B bid for Dutch carrier KPN following stalled negotiations, America Movil (AMX +1.4%) is ruling out a hostile bid for 23%-owned Telekom Austria (TKAGY -3.1%). Many have expected AMX to make a play for another European carrier following its failure to acquire KPN.
- Daniel Hajj, Carlos Slim's son-in-law, says AMX will remain a "stable partner" for Telekom Austria, but wasn't clear on whether or not the Latin American mobile giant would maintain or raise its stake if/when Telekom Austria goes through with an expected capital raise.
- The Austrian government owns 28% of Telekom Austria, and has said it wants to keep a stake of at least 25%.
Jun. 15, 2012, 3:57 AM
Jun. 14, 2012, 9:58 AM