March 28, 2014 / 4:25 PM / in 4 years

Austria gives green light for Telekom Austria pact with Slim

VIENNA, March 28 (Reuters) - Austrian state holding company OIAG’s board authorised management on Friday to negotiate pooling the state’s Telekom Austria stake with that of Carlos Slim’s America Movil, OIAG said in a statement.

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 percent threshold. (Reporting by Michael Shields; Editing by Mark Potter)

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