Carlos Slim’s America Movil (AMX) considers its stake in Telekom Austria (TA) an “anchoring”, long-term investment with a “promising” outlook, according to CEO Daniel Hajj.
Hajj, also Slim’s son-in-law, told Austrian newspaper Kronen Zeitung…
Carlos Slim’s America Movil (AMX) considers its stake in Telekom Austria (TA) an “anchoring”, long-term investment with a “promising” outlook, according to CEO Daniel Hajj.
Hajj, also Slim’s son-in-law, told Austrian newspaper Kronen Zeitung that Mexico-based AMX considers its stake in the Austrian incumbent “an important commitment” and “valuable and promising for the future”.
Speaking during an Austrian trade visit to Mexico, Hajj described AMX, which has built a 26.81% in TA, as a long-term investor in the Vienna-based telco, adding that his company has the knowledge and international experience to make a positive contribution. However, he stressed that AMX is “not in it for a quick buck”.
Last month, AMX consolidated most of its shares in TA under a single subsidiary, Carso Telecom, boosting its voting rights from 23.674% to 26.81%.
As an Austrian corporate lawyer explained, surpassing the 25% share participation mark in TA entitles AMX to block most important corporate decisions, such as capital increases and decreases, the issuance of convertibles, mergers, spinoffs and changes to the articles of association. Should AMX boost its stake to more than 30%, it would trigger a mandatory takeover offer.
There has been considerable speculation that AMX might seek to increase its influence over TA, especially in the wake of its failed takeover bid for its sole other European telecoms asset, Dutch telco KPN. Austrian reports have suggested the Mexico-based telecoms giant might boost its stake via a capital increase.
Meanwhile, Rudolf Kemler, TA’s chairman and head of its largest shareholder, state holding OeIAG, told a local radio station in late January that the government would allow AMX to take a majority stake in the incumbent. He said OeIAG, which owns 28.42% of TA, wants to retain a 25% blocking stake, adding that whether AMX surpasses OeIAG by a few percentage points or takes a majority stake is a secondary question.
