America Movil confirmed it's reducing its stake in Telekom Austria Group. The company said it has agreed to sell shares corresponding to 7.8 percent of the voting rights in Telekom Austria to the market. This reduces its stake from 59.70 percent to 51.89 percent.
When America Movil took control of Telekom Austria in 2014, the Mexican company agreed to increase the free float of the former state monopoly within two years. Under the agreement, America Movil has to increase Telekom Austria's free float by the end of the year to 20 percent, from around 12 percent currently. This is part of its sharehodlers agreement with Austria's state holding company, which owns 28.4 percent of Telekom Austria.
