Telekom Austria Rises After America Movil Consolidates StakeJonathan Tirone
Telekom Austria rose after billionaire Carlos Slim’s America Movil SAB consolidated its 26.8 percent stake in the company.
Telekom Austria reversed its decline, rising 9 cents, or 1.3 percent, to 6.60 euros a share at the close of trading in Vienna. The company’s shares have lost almost a fifth of their value since Slim bought his stake in June 2012.
Today’s transaction transferred 13.9 million Telekom Austrian shares, equivalent to 3.14 percent of the company’s stock, to Carso Telecom from Inmobiliaria Carso and Control Empresarial de Capitales, according to a statement. All three entities are owned by Slim. A transaction price wasn’t given.
Austria’s takeover code requires a mandatory takeover offer after an investor holds 30 percent of a company’s shares, according to a government website.