* OIAG board authorises drawing up shareholder pact
* Says talks to take weeks
* Austria wants to keep Telekom Austria HQ, blocking
(Adds quotes and background)
VIENNA, March 28 Austrian state holding company
OIAG's board authorised management to negotiate a deal to pool
the state's Telekom Austria stake with that of Carlos
Slim's America Movil, effectively handing Slim control
of the group.
An accord would mean the partners would have to vote in
unison on major issues and would protect Austria's influence
even with a smaller stake, while allowing Slim to raise his
nearly 27 percent stake above the OIAG's 28 percent.
It would also trigger a mandatory offer for Telekom Austria
shares by putting the partners' combined stake above the 30
"The supervisory board granted management a negotiating
mandate for final negotiations of a syndicate contract," OIAG
said in a statement on Friday after a meeting in which the board
was briefed on the status of talks.
It said its main concerns included keeping Telekom Austria's
headquarters in Austria and ensuring the state keeps a blocking
minority of at least 25 percent plus one share.
It said it would inform the public of the outcome after
talks that would take place in the weeks ahead.
Telekom Austria shares closed down 0.7 percent at 7.186
euros while the Stoxx telecom sector index was up 0.9
The stock had rallied after OIAG head and Telekom Austria
Chairman Rudolf Kemler said on Wednesday Austria was close to a
roughly 10-year deal to pool its Telekom Austria stake with
America Movil's goal is to boost its stake to above 30
percent so that it can consolidate the group, Kemler said.
He said the Austrian government was committed to keeping a
blocking minority stake should it come to a capital increase,
which he said Telekom Austria needed to finance growth in
existing eastern Europe markets.
Kemler said no details of any capital increase had been
discussed with America Movil, nor had the partners decided how
to handle the mandatory offer a syndicate deal would trigger.
America Movil, which also owns a stake in Dutch group KPN
, has been seeking to invest outside Latin America,
where regulation and competition have been squeezing sales.
(Reporting by Michael Shields; Editing by Mark Potter and