Egyptian mobile operator Orascom is not interested in taking over Austrian counterpart Telekom Austria (TA), TelecomFinance was told.
In early October, a report in Austrian daily Wirtschaftsblatt suggested that TA was so concerned about a hostile…
Egyptian mobile operator Orascom is not interested in taking over Austrian counterpart Telekom Austria (TA), TelecomFinance was told.
In early October, a report in Austrian daily Wirtschaftsblatt suggested that TA was so concerned about a hostile takeover attempt from Naguib Sawiris, the founder of Orascom, that it mandated Merrill Lynch to shore up defences.
Reports of an impending takeover were fuelled further when TA revealed that Austrian investor Ronny Pecik, whose investment vehicle includes Sawiris, had acquired options to buy more than 5.4% of it.
Orascom declined to comment, but a person close to the company strongly dismissed the speculation, telling TelecomFinance that the group “is not taking part in any take over with regards to Telekom Austria”.
However, the person added that it was possible Sawiris could be looking at carrying out an acquisition through his personal investments.
TA was unable to comment on the takeover speculation, but its CEO Hannes Ametsreiter has been quoted telling journalists that there was no indication of such stake building among its shareholders.
Pecik has also recently insisted, in an interview with Austrian newspaper Die Presse, that his TA stake acquisition was not done on behalf of Sawiris.
