NEW YORK (TheStreet) -- After receiving the necessary regulatory approval, the $2 billion offer America Movil SAB de CV (AMX) made for Telekom Austria's (TKAGY) outstanding shares is now unconditional, Reuters reports.
The offer became mandatory following a shareholder agreement with OIAG, the state holding company, giving American Movil CEO Carlos Slim control over Telekom Austria.
American Movil holds a 27% stake in Telekom Austria and in April the company made a deal with the Austrian government, which holds 28% of Telekom Austria, to combine their stakes in an agreement that would give American Movil operating control over the company, Reuters added.
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Shares of America Movil are up 0.39% to $20.77.
Separately, TheStreet Ratings team rates AMERICA MOVIL SA DE CV as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate AMERICA MOVIL SA DE CV (AMX) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its expanding profit margins and notable return on equity. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and generally higher debt management risk."