Following on from America Movil’s (AM’s) announcement last week that it had agreed terms to buy a 21% stake in the Telekom Austria Group from Viennese businessman Ronny Pecik and his Egyptian partner, Naguib Sawiris, the Austrian firm has taken steps to clarify the precise shareholdings involved in the transaction, putting an end to increasingly frenzied media speculation.
According to Telekom, as at 15 June 2012 the pan-Latin American telecoms giant held 6.75% of the total shares of Telekom Austria, thus exceeding the 5% threshold for the announcement of the holding of stocks, as per the Austrian Stock Exchange Act. This direct and indirect shareholding is broken down as follows: America Movil directly holds 7,935,700 Telekom shares, equivalent to 1.79% of the company’s equity. Further, AM also holds, indirectly via its wholly-owned Netherlands-based sub-subsidiary AMOV Europa, 21,977,284 Telekom shares, representing 4.96% of the total outstanding shares in Telekom Austria. AMOV is a 100% subsidiary of Mexican firm Sercotel, which is, in turn, wholly-owned by AM.
In addition, 15 June saw AMOV sign an agreement to acquire up to 70,923,890 Telekom shares from Ronny Pecik’s RPR Privatstiftung investment vehicle, equivalent to 16.01% of the company’s shareholding.
Following the successful completion of these deals, AM will directly own 7,935,700 shares, or 1.79% of the company’s total shareholding, and indirectly, via AMOV, own 92,901,174 shares or 20.97% of Telekom Austria. This would equate to a total direct and indirect holding of 100,836,874 shares or 22.76% of Telekom Austria’s total shareholding.
Finally, Telekom reports that Inmobiliaria Carso, a trust co-owned by AM-owner Carlos Slim and his sons and daughters, currently directly holds 10,500,000 shares (with voting rights) issued by Telekom Austria, equivalent to 2.37 % of the voting rights in the company. In addition, via Control Empresarial de Capitales, a fully owned subsidiary of Inmobiliaria Carso, the trust holds 3,401,000 shares (with voting rights) issued by Telekom Austria, equating a further 0.77 % of the voting rights in the Austrian company. Both sets of shares are not to be attributed under section 92 of the Austrian Stock Exchange Act, as the companies are not controlled by ‘one legal or natural person’. The above information was disclosed in a filing with the US Securities and Exchange Commission (SEC), relating to the beneficial ownership of AM shares.