Slim eyes friendly takeover of Telekom Austria-report
VIENNA Feb 20 (Reuters) - Billionaire investor Carlos Slim's America Movil plans a friendly takeover of Telekom Austria via a shareholder syndicate with its top Austrian shareholder that could lead to a public share offer, News magazine reported.
It said a draft version of the syndicate contract with Austrian state holding company OIAG envisioned pooling the stakes of the two big shareholders for 10 years with a five-year extension option.
"Should Austria accept this contract, America Movil commits itself to making a public takeover offer at the closing of the contract. Insiders view this as a generous offer," it said without giving details or citing a specific source.
No-one at Telekom Austria could immediately be reached for comment.
Asked about how cooperation with the Mexicans will work in future, OIAG head and Telekom Austria Chairman Rudolf Kemler was quoted as saying: "There are neither a final decision nor concrete negotiations. But OIAG has a strategic responsibility to think about future constellations when it comes to such a significant company for Austria."
He reiterated that Austria was committed to maintaining a blocking minority of 25 percent plus one share and would take part in any share issue at Telekom Austria to do so.
A shareholders' pact would mean the partners have to vote in unison on major company issues, ensuring the OIAG had a say in the company's future even if Slim raised his 27 percent stake above the OIAG's 28 percent.
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