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Financial watchdog checks Slim's Telekom Austria move
September 21, 2012 / 7:42 AM / 5 years ago

Financial watchdog checks Slim's Telekom Austria move

VIENNA, Sept 21 (Reuters) - Austria’s FMA markets supervisor is reviewing whether to approve Mexican billionaire Carlos Slim as a major shareholder of Telekom Austria, the watchdog said on Friday.

Because Telekom Austria owns a banking subsidiary, the FMA needs to review whether anyone who builds a stake of more than 10 percent is suited to be a big shareholder, an FMA spokesman said, confirming a report in daily paper Die Presse.

Slim’s America Movil has agreed to buy 26 percent of Telekom Austria.

The FMA has until the end of November to decide, but the review is likely to end earlier and find no objections, a person familiar with the matter said.

The FMA review is separate from an Austrian government decision on whether to approve the deal. Investors from outside the European Union need special approval to buy stakes above 25 percent in strategic Austrian companies.

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