America Movil acquires 4.1 % stake in Telekom Austria: report

Mexico's telecommunications company America Movil SAB de CV, controlled by Carlos Slim, the world's richest man, has acquired a 4.1-per cent stake in Austrian peer Telekom Austria AG, News magazine yesterday reported without disclosing its source.

America Movil, which is seeking to raise its stake in Dutch telecom KPN, acquired the stake in the open market.

Oscar Von Hauske, head of fixed operations at America Movil, confirmed the report to Reuters, saying, "It's been done through the market … Telekom Austria is a company that we have been looking at for some time." 

News also said that Slim and Telekom Austria shareholder and board member Ronny Pecik were planning to combine their stakes in the company.

Austrian investor Pecik, through his private trust RPR Privatstiftung and his partner Egyptian billionaire Naguib Sawiris, collectively hold 20 per cent in Telekom Austria.

Under a complex deal, Pecik will sell his stake for almost €900 million ($1.13 billion) to a new company called Amov, and America Movil will also transfer its stake to Amov, which will own almost 25 per cent of Telekom Austria.