Headquarters of billionaire Carlos Slim's America Movil
Mexico City - AFP
Billionaire Carlos Slim's America Movil, the mobile phone service provider, announced Monday it has boosted its stake to take majority control of Telekom Austria.
America Movil already held 26.8 percent of the Austrian firm and, after an extended offer, increased its stake to 50.8 percent, the Mexican firm said in a statement.
America Movil, also known by its stock symbol AMX, has recently focused on transactions in Europe. It dominates the Latin American cellular market with 270 million lines in 18 countries.
Last week, Slim announced that he will sell off part of his massive holdings in Mexico where he controls 80 percent of land lines and 70 percent of cellular lines -- to focus more on cable television.
His moves were to come into compliance with Mexico's new telecoms regulations seeking to boost competition in the Mexican market. Slim is expected to reduce his market shares to under 50 percent, or face fines.
Slim, America Movil's billionaire founder from a family of Lebanese immigrants, figures regularly on a list of the world's richest men.
He ranked number two after Bill Gates on Forbes magazine's most recent wealth survey this year, with family assets of $76.1 billon.