A bid by Egyptian telecoms tycoon Naguib Sawiris to acquire 20% of Telekom Austria was boosted Friday, when a domestic firm Sawiris is working with upped its holding to over 15%.
Telekom Austria confirmed late Friday that RPR Privatstiftung exercised a call option to increase its stake 5.4% to 15.018% via a subsidiary company. The figure is 15.81% when indirect holdings are included, and RPR has various options to increase its share, either directly or through subsidiaries.
The increased holding brings the prospect of a 20% takeover a step closer. Telekom Austria in September denied such a move was in the cards, when reports a consortium backed by Sawiris and local businessman Ronny Pecik was eyeing the firm emerged.