May 28, 2014 / 7:06 AM / in 4 years

Telekom Austria free float target is 24 pct -report

VIENNA, May 28 (Reuters) - America Movil aims to keep 24 percent of Telekom Austria listed on the Vienna Stock Exchange within two years of completing its takeover offer, its finance chief said.

“We will buy every share that is tendered,” Carlos Garcia Moreno told Austria’s News magazine. “If we get more than 50 percent of the shares, we will sell as many shares as necessary within two years to ensure this free float.”

America Movil, which owns 27 percent of Telekom Austria, has offered to buy the outstanding shares for 7.15 euros each in an offer that could cost it up to $2 million. The Austrian government owns 28 percent of Telekom Austria.

Reporting by Georgina Prodhan; Editing by Michael Shields

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