‘Hostile takeover’ duo Pecik and Sawiris seek seats on Telekom board

1 May 2012

Vienna-based businessman Ronny Pecik and his associate Naguib Sawiris, the Egyptian tycoon who holds an 18.8% stake in international telecoms giant Vimpelcom Group, have declared that they are both keen to secure seats on an expanded supervisory board at Telekom Austria Group, Reuters reports. Since 4Q11 the duo have staged what has been described by the press as a ‘hostile takeover’ of Telekom Austria, quickly building an indirect 20.118% stake in the group, via Pecik’s RPR Privatstiftung and Marathon investment vehicles.

In March Pecik indicated that he hoped to raise his indirect stake in Telekom so that it is on a par with that of majority shareholder, state holding company OeIAG, which retains a 28.420% stake in the pan-European telecoms group. The latest development has emerged after Telekom added the subject to the agenda for its annual meeting, scheduled for 23 May.

Austria, A1 Telekom Austria Group