Carlos Slim secures control of Telekom Austria

Carlos Slim’s long-running battle to establish himself in the European telecoms market took a step forward, after Austria’s state holding company (ÖIAG) approved a shareholder agreement that paves the way for the Mexican tycoon to take control of Telekom Austria. Under Austrian law, the agreement between Slim’s América Móvil, which already owns 27 percent of Telekom Austria, and the ÖIAG, which has a 28 percent stake, means that they must now make a bid for the remainder of Telekom Austria’s shares.