América Móvil is moving to assert its independence from majority shareholder Carlos Slim and his family, despite conceding the family could control its direction if they wanted.
In a statement sent to Telekom Austria, the firm asserts that it is not controlled by any individual, and that no shareholder agreement exists between Slim and his family that would force them to act together to control the direction of the firm.
“América Móvil constitutes its own ultimate parent entity, given the fact that it is not controlled by any other entity or an individual person.
“Under the US rules Carlos Slim Helú, together with members of his immediate family, may be deemed to have control if acting together, but there is no shareholder agreement that would oblige all those persons to act together,” the statement reveals.
América Móvil issued the clarification after Telekom Austria misreported some minor details of a recent share acquisition, which took its holding in the Austrian incumbent to 16.01%.
The firm may also be seeking to address numerous reports claiming the stake increase is motivated solely by Slim’s desire to acquire European assets. América Móvil last week upped its stake in Dutch incumbent KPN, despite the European telco’s management urging shareholders to reject its bid.