VIENNA (Reuters) - A pact between Telekom Austria’s two biggest shareholders has gained the necessary regulatory approvals, meaning that America Movil’s offer for the outstanding shares is now unconditional.
Telekom Austria said on Monday that America Movil’s $2 billion offer for the remaining shares was now mandatory after its shareholder agreement with the state holding company OIAG had come into force, giving Carlos Slim’s America Movil control of the company.
The details of the 7.15 euros-per-share offer valid until July 10 did not change, it said in a statement.
America Movil, which holds 27 percent of Telekom Austria, struck a deal in April with the Austrian government, which holds 28 percent, to combine their stakes in a syndicate agreement that gives America Movil operational control.
The Latin American telecoms giant launched its offer for the remaining shares in Telekom Austria in May.
The deal was subject to approval by communications and financial regulators in Austria as well as telecoms watchdogs in the seven other countries in which Telekom Austria operates.
“The conditions precedent as set forth in ... the offer memorandum have been fulfilled,” Telekom Austria said.
“The offer is thus being converted into a mandatory offer as of 30 June 2014. This mandatory offer does not have any conditions precedent.”
Reporting by Georgina Prodhan; Editing by Greg Mahlich