América Móvil buys financier's 21% stake in Telekom Austria

 

Latin American mobile phone provider América Móvil has emerged as the surprise acquirer of a 21 per cent stake in Telekom Austria, ending weeks of speculation about the plans of one of Austria’s best known corporate raiders.

The Mexican group, owned by multibillionaire Carlos Slim, said it had reached agreement to buy the 21 per cent stake in Telekom built up over recent months by Austrian financier Ronny Pecik.

América Móvil will purchase 5 per cent immediately, taking its current stake in Telekom to 6.7 per cent, and it expects to buy the remainder of Mr Pecik’s holding later this year after receipt of appropriate approvals.

The move came as América Móvil is separately pursuing a major share in Netherlands telecom group KPN, having just raised its stake in the Netherlands telecom group to 7.3 per cent. KPN is resisting the buy-in effort.

América Móvil’s interest in Telekom, in which the Austrian government owns a blocking minority of more than 28 per cent, appears much more welcome. – (Copyright The Financial Times Ltd 2012)