América Móvil’s bid for Telekom Austria now unconditional
América Móvil’s $2 billion offer to acquire the remaining shares of Telekom Austria has received regulatory approval and is now unconditional, Reuters reports.
The Austrian firm told reporters today that América Móvil’s offer for the shares it does not yet own was now mandatory, following a shareholder agreement with state holding company OAIG.
"The offer is being converted into a mandatory offer as of June 30, 2014,” Telekom Austria said. “This mandatory offer does not have any conditions precedent."
América Móvil holds a 27% stake in Telekom Austria and is looking to combine its stakes with the 28% owned by the Austrian government, giving the Latin American firm operational control.
The deal had been subject to approval by communications and financial regulators in Austria, as well as regulators in seven other countries where the firm operates.
Earlier this month Telekom Austria announced that it was booking a €400 million impairment for its operations in Bulgaria, but América Móvil had said that this would not affect its interest in the company.
Late last year, Capacity learnt that such a deal between América Móvil and Telekom Austria was likely to materialise, but this was later denied.