Telekom Austria denies Sawiris stake sale

Telekom Austria denies speculation that a consortium including Egyptian telecoms tycoon Naguib Sawiris is on the brink of acquiring a 20% stake in the firm.
The Austrian incumbent notes that the law requires its shareholders to notify the Vienna stock exchange, Financial Markets Authority, and the firm itself of any change in their holding above the level of 5%, and states simply that it “has received no such notification.”
It was responding to reports that a consortium led by Austrian businessman Ronny Pecik, and including Orascom chairman Sawiris, is attempting to acquire a 20% stake in the firm. The holding is valued at €750 million, Reuters reports.
The telco states it “has not received any information regarding current speculation on a potential recent acquisition of a substantial stake,” noting that such notification is required within two days of an offer being made.