Why Telekom Austria (TKAGY) Stock Is Higher This Afternoon

NEW YORK (TheStreet) -- Shares of Telekom Austria AG (TKAGY) are up 5.12% to $19.50.

Carlos Slim, Chairman of American Movil SAB de CV (AMX), plans to use the Austria-based telecommunications provider as a base to increase his presence in European telecoms after sealing a deal with the Austrian state to take control of the company, Reuters reports.

America Movil will invest up to $1.38 billion in Telekom Austria via a rights issue, on top of spending as much as $2 billion to buy out minority shareholders in a mandatory public offer, Reuters noted

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 TKAGY Chart

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