A PYMNTS Company

Austria: Telco authority consents to Carlos Slim, Telekom Austria bid

 |  June 17, 2014

Austria’s telecommunications regulator followed in the path of competition authorities in approving Mexican mogul Carlos Slim’s plan to pool his shares in Telekom Austria with the Austrian government’s holdings, reports say.

The regulator, RTR, announced Tuesday it approved of the merger of shares between the government and Slim’s America Movil. The plan, first announced in April, will result in a combined 55 percent holding of the former state-owned monopoly, reports say.

In the long-run, the merger will allow America Movil to pursue a takeover of the wireless operator. The company will hold an offer until July 10.

Austria’s Federal Competition Agency cleared the deal last week, but the transaction still needs clearance from the nation’s Financial Market Authority, according to reports.

Full content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.