Reuters: Regulatory News: Watchdog approves Slim's Telekom Austria stake

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Watchdog approves Slim's Telekom Austria stake Jul 27th 2012, 13:26 VIENNA, July 27 | Fri Jul 27, 2012 9:26am EDT VIENNA, July 27 (Reuters) - Austria's competition regulator approved Carlos Slim's bid to buy more than a quarter of Telekom Austria, saying on Friday that it saw no reason to block the move, part of the telecoms mogul's first foray into Europe. "We received no objections and we had no objections ourselves," a spokesman for the Austrian Competition Authority told Reuters. Austria's Economy Ministry could also block the acquisition under a law that limits the ownership of non-European investors in strategic sectors such as telecoms. An Economy Ministry spokesman declined to comment on Friday about whether it was examining the matter. America Movil , which is controlled by billionaire Slim, owns 6.8 percent of Telekom Austria and is seeking to buy as much as 22.8 percent. Together with the 3.1 percent stake that Slim's family owns, this would pass the 25 percent threshold that could trigger state intervention. The Austrian government owns 28.4 percent of the telecoms provider, which was formerly wholly state-owned.

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