Telekom Austria’s (TA) supervisory board has postponed a decision on extending CFO Hans Tschuden’s contract at a meeting yesterday.
Tschuden’s contract runs until 2017, but can be terminated two years early. It is unclear when a decision will be…
Telekom Austria’s (TA) supervisory board has postponed a decision on extending CFO Hans Tschuden’s contract at a meeting yesterday.
Tschuden’s contract runs until 2017, but can be terminated two years early. It is unclear when a decision will be made.
Media reports have suggested the CFO has been criticised internally for certain decisions he has taken, including a dividend deemed to be overly generous.
The uncertainty of Tschuden’s future comes as 26.8% shareholder America Movil (AMX) has initiated early talks with Austrian state holding company OeIAG – which holds 28% of TA – about forming a pact to pool their interests in the telco, paving the way for a friendly takeover.
AMX indicated that formal discussions could be started about a “potential shareholders’ syndicate agreement”
In a statement the Mexican giant went on to say: “It is unclear whether discussions will enter a critical negotiation phase or result in any shareholders’ syndicate agreement.”
Austria’s economics minister has been quoted in a local paper as saying that a deal could be completed by the end of May. OeIAG and AMX could agree a syndicate deal in a matter of weeks, he was reported to say.
That would create a majority shareholder which would have 55% of the incumbent, and trigger a mandatory takeover offer. Under Austrian law, shareholders acquiring a 30% stake in a company are required to launch a full takeover bid.
