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Telekom Austria Shares Rise After Shareholder Support for Mobile-Tower Business Spinoff

Provided by Dow Jones

Feb 7, 2023 8:56 AM UTC

By Pierre Bertrand

Telekom Austria AG shares rose Tuesday after the company said it received shareholder support to spin off its mobile-towers business.

At 0832 GMT shares traded 5.5% higher to EUR6.55.

The Austrian telecoms company said late Monday that America Movil SAB and Oesterreichische Beteiligungs AG had agreed to support the spinoff of the business into a separate company on the Vienna stock exchange.

The company's two main shareholders also agreed to renew their syndicate agreement for another 10 years.

A decision about the spinoff is subject to relevant corporate approvals, Telekom Austria said.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

February 07, 2023 03:56 ET (08:56 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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