VIENNA, Nov 5 (Reuters) - Telekom Austria is set to launch its long-awaited 1 billion euro ($1.25 billion) rights issue next week, newspaper Die Presse reported on Wednesday, without citing any sources.
It said the “starting gun” for the share sale could be fired on Monday, triggering a two-week road show for investors followed by a one-week subscription period.
The company, now controlled by investor Carlos Slim’s America Movil, declined comment on the report. It said last month it expected to launch the cash call by the end of the year if market conditions did not deteriorate significantly.
America Movil has said it wants to use Telekom Austria as a base for further expansion into central and eastern Europe, where Telekom Austria already has operations in six countries including Bulgaria and Croatia. The fresh capital aims to reduce debt and give the group firepower for acquisitions. (1 US dollar = 0.8004 euro) (Reporting by Michael Shields and Angelika Gruber, editing by Louise Heavens)