The supervisory board of Austrian state holding OeIAG has not been in a position to vote on a pact with Telekom Austria co-shareholder America Movil today because some of its members have so far failed to show up to a crucial ballot.
The meeting is…
The supervisory board of Austrian state holding OeIAG has not been in a position to vote on a pact with Telekom Austria co-shareholder America Movil today because some of its members have so far failed to show up to a crucial ballot.
The meeting is ongoing as TelecomFinance goes to press.
Reports suggest five labour representatives have not shown up at the meeting. Austrian publication Die Presse added that a further three board members had also failed to attend so far.
A spokesperson for OeIAG described the meeting as “ongoing,” but refused to comment any further.
The board has 15 members and at least half of them need to be present to allow a vote to take place. As one member who died last year has not been replaced, it means that only six members are present at the moment.
If OeIAG does not vote in favour of the proposed shareholder pact today before midnight, a new vote would be impossible under Austrian takeover law for twelve months, Die Presse stated. The paper said that attempts are under way to get the three missing board members, who are not representing the workforce, to join the meeting before midnight.
