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Watchdog to rule on Slim's Telekom Austria stake
July 2, 2012 / 1:03 PM / 5 years ago

Watchdog to rule on Slim's Telekom Austria stake

VIENNA, July 2 (Reuters) - Austria’s competition watchdog is examining America Movil’s bid to buy up to 25.9 percent of Telekom Austria and will give its decision in four weeks’ time, it said on Monday.

The Latin American telecoms carrier controlled by Carlos Slim had first said it would seek to build its stake to up to 23 percent of Telekom Austria, but an additional stake owned by Slim’s family holding would take it over a 25 percent threshold.

Slim, the world’s richest man, is spending over $1 billion on the stake in the Austrian telecoms incumbent, most of which he is buying from investor Ronny Pecik and his partner, Egyptian telecom tycoon Naguib Sawiris.

He has also mounted a raid on Dutch telecoms operator KPN via a tender offer for 28 percent of its shares, in a scoop on battered European telecoms shares to expand America Movil, which is present in about a dozen Latin American markets.

Austria’s BWB regulator gave interested parties two weeks to make submissions before coming to its decision.

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