European Technology, Media and Telecoms Correspondent
Georgina's Feed
Apr 23, 2014

Telekom Austria proves slippery target for Slim

VIENNA, April 23 (Reuters) – Tycoon Carlos Slim stumbled in
his bid for control of Telekom Austria on Wednesday,
as a meeting designed to rubber-stamp a co-ownership deal with
the Austrian government was boycotted by labour representatives
unhappy with the proposal.

The deal is important for Slim because it could finally
allow him to begin consolidating the fruits of a European
adventure, begun in 2012 with initial investments of over $1
billion in Telekom Austria and $3.4 billion in Dutch group KPN
.

Apr 23, 2014

Labour representatives boycott vote on Telekom Austria pact

VIENNA (Reuters) – A vote on a shareholder pact at Telekom Austria between Mexican tycoon Carlos Slim and the Austrian government was boycotted by labour representatives on Wednesday, three sources familiar with the situation said.

A majority of the supervisory board of the OIAG state holding company would have to vote in favour of the pact, which would trigger a joint takeover bid and open the way for Slim to take control of Telekom Austria.

Apr 22, 2014

Shareholder adviser backs rebel investor for Conwert board

VIENNA, April 22 (Reuters) – A struggle over the management
of Austrian property group Conwert gained fresh
momentum as an independent advisory firm backed the candidacy of
a dissident shareholder to the board of the company.

Corporate governance advisory firm ISS, whose
recommendations can influence the votes of institutional
shareholders, said it would recommend investor Alexander
Proschofsky for Conwert’s board because change was necessary to
lift the share price.

Apr 22, 2014

Advisory group backs dissident investor to Conwert board

VIENNA, April 22 (Reuters) – A struggle over the management
of Austrian property group Conwert gained fresh
momentum as an independent advisory firm backed the candidacy of
a dissident shareholder to the board of the company.

Corporate governance advisory firm ISS, whose
recommendations can influence the votes of institutional
shareholders, said it would recommend investor Alexander
Proschofsky for Conwert’s board because change was necessary to
lift the share price.

Apr 17, 2014

Slim deal for Telekom Austria set for agreement

VIENNA, April 17 (Reuters) – An agreement between Carlos
Slim’s America Movil and the Austrian government to
take joint ownership of Telekom Austria is likely to
be agreed next week despite a public war of words that broke out
on Friday.

The government holding company OIAG will decide on Wednesday
whether to pool its 28 percent stake in Telekom Austria with
Slim’s 26 percent, triggering a joint takeover offer and
potentially handing Slim control of the company.

Apr 16, 2014
via FaithWorld

Time slips quietly by for Austrian nuns’ resort

Photo

(Sister Elisabeth provides a Kneipp hydrotherapy to a guest at the abbey retreat in Marienkron April 11, 2014. REUTERS/Leonhard Foeger)

Being blasted with jets of hot and cold water by a 70-year-old nun may not be everyone’s idea of fun, but it has some firm fans. They return year after year to Marienkron, an Austrian health resort 3 km (2 miles) from the Hungarian border.

Apr 16, 2014

Conwert gets new offer for German portfolio

VIENNA, April 16 (Reuters) – The former administrative board
chief of Austrian real-estate firm Conwert has made an
offer for the company’s German portfolio together with a
consortium of investors.

A source with knowledge of the matter said the offer was
worth about 750 million to 800 million euros ($1.04-1.11
billion), corresponding to the net asset value of the German
business, and that the consortium was led by a major U.S.
insurer.

Apr 15, 2014

Rebel investor seeks to join Conwert’s board

VIENNA, April 15 (Reuters) – Rebel investor Alexander
Proschofsky has put himself forward to join the board of
Austria’s Conwert, signaling more upheaval for the
property firm whose management he has criticised in the past.

The 44-year-old founder of Cube Invest proposed himself and
a German real-estate consultant as alternatives to the two
candidates proposed by the company, who he said were too close
to major shareholder Hans Peter Haselsteiner.

Apr 3, 2014

Austria’s BauMax to close Turkish DIY stores

VIENNA, April 3 (Reuters) – Struggling Austrian
home-improvements store chain BauMax will close its seven
outlets in Turkey and may exit other markets in southeast
Europe, its owner said.

BauMax, which employs about 10,000 staff in nine countries,
made a loss of 126 million euros ($173 million) in 2012 after
overextending itself with a push into eastern Europe, and most
recently into Turkey in 2010. It has not published 2013 results.

Mar 20, 2014

Austria picks up pieces of biggest post-war bankruptcy

VIENNA, March 20 (Reuters) – In a vast warehouse in the
small town of Trumau near Vienna, some of the remnants of
Austria’s biggest post-war bankruptcy are laid out in thousands
of neatly arranged lots.

A handful of potential buyers pick over the piles of drills,
saws, cables, buckets and pumps that are being auctioned off to
make a few million euros for the creditors of Alpine Bau, a
former unit of Spanish construction group FCC.

    • About Georgina

      "Currently based in London, with particular responsibility for professional publishers and the European activities of global technology, media and telecoms firms. Previously European technology correspondent based in Frankfurt. Began career in local radio in Glasgow and then worked in TV news for many years for Reuters, the BBC and Sky News in London and Moscow."
    • More from Georgina

    • Follow Georgina