Telekom Austria Group’s supervisory board has resolved on a capital increase targeting net proceeds of up to EUR1 billion (USD1.25 billion) by offering up to 221.500 million newly issued, no-par value ordinary bearer shares (‘New Shares’). The rights offering will commence on 10 November 2014 and is expected to end on 24 November. Each of Telekom’s core shareholders – America Movil (AM), Carso Telecom (both controlled by Carlos Slim) and Osterreichische Industrieholding Aktiengesellschaft (OIAG) – have committed to participate in the capital increase as follows: AM has pledged to acquire 3.968 million New Shares, while Carso will acquire around 128.267 million. Meanwhile, OIAG has committed to acquire 62.959 million New Shares; following the capital increase, the state holding company expects its share capital to ‘correspond as closely as possible to its current pro-rata participation in the company (approximately 28.42%)’. Given the existing shareholders commitments, 88.1% of the New Shares have already been accounted for.