VIENNA, June 18 (Reuters) - Labour representatives at Austria’s OIAG state holding company will not challenge a shareholder pact that pools the state stake in Telekom Austria with that of Carlos Slim’s America Movil, a senior official said on Wednesday.
The pact gives Slim and OIAG a combined 55 percent stake in Telekom Austria, handing Mexican billionaire Slim effective control as he consolidates his foothold in Europe.
Werner Muhm, head of the Chamber of Labour, told reporters that legal experts had confirmed the view that a labour boycott of the OIAG board meeting in April that approved the pact meant the panel lacked a quorum to give a green light.
But labour still decided against legal action, he added, saying a long court fight would weigh on the company. “I think it is good if calm prevails after the hectic phases,” he said.
Reporting by Angelika Gruber; Writing by Michael Shields; Editing by Pravin Char