The Austrian financial services watchdog FMA has emerged as another regulator that needs to approve America Movil’s (AMX) investment in incumbent Telekom Austria.
The transaction, which will see Carlos Slim’s AMX increase its stake in Telekom…
The Austrian financial services watchdog FMA has emerged as another regulator that needs to approve America Movil’s (AMX) investment in incumbent Telekom Austria.
The transaction, which will see Carlos Slim’s AMX increase its stake in Telekom Austria to 25.9% by year end, has already received antitrust approval and is still awaiting the green light by the Austrian government.
A spokesperson for the FMA confirmed that the agency is currently conducting a fit-and-proper test. The investigation is related to a banking licence held by Paybox, a subsidiary of Telekom Austria.
Paybox is a mobile payments company, and the FMA has to approve any transaction that sees a new owner acquiring at least 10% directly or indirectly in a business that owns a banking licence.
A decision is expected sooner rather than later.
