A delegation from Carlos Slim's America Movil is visiting Vienna to begin making plans for the role it intends to play in the management of Telekom Austria, in which it is seeking to buy a 23 percent stake as part of a first foray into Europe, Reuters reported.
"It is about the management teams getting to know one another and presenting the company," a Telekom Austria spokeswoman said on Tuesday, adding that the America Movil team was visiting on Monday and Tuesday.
Slim, the world's richest man, is establishing a beachhead in Europe, where a combination of tough competition, regulatory pressure and recession in many markets has beaten down some company valuations to lows not seen for nearly a decade.
Austria's BWB competition regulator announced on July 2 that it is examining the Latin American telecoms carrier's bid for Telekom Austria and will give its decision towards the end of the month. (Reuters)