Slim in Austria for the long-haul; America Movil throws weight behind Telekom

5 Feb 2014

Carlos Slim’s America Movil group has not invested in the Telekom Austria Group simply to make a ‘fast buck’, the company’s CEO has told Austrian newspaper Krone. Daniel Hajj Aboumrad, who is also Slim’s son-in-law, clarified that AM’s stake in Telekom Austria is an important investment, noting: ‘Above all, we see Telekom Austria’s entrenchment in Eastern Europe as valuable and promising for the future. We are long-term investors.’

According to TeleGeography’s GlobalComms Database, Slim holds a total direct/indirect shareholding of 23.67% in Telekom, while state-owned holding company OIAG is the largest shareholder with a 28.42%. In an unexpected development, Rudolf Kemler, the head of OIAG, recently admitted that the Austrian government is now prepared to let AM become the biggest investor in the company.