Slim’s enterprise America Movil has faced increasing regulation and competition in Latin America. It has long been seeking a breakthrough on the European market.

Slim’s company had one-quarter of all shares in the Austrian company in January. This led to talks on a possible takeover. After a long debate in Vienna yesterday an agreement was finally reached.

America Movil agreed to a one billion euro capital increase of Telekom Austria thereby leveling the share of an Austrian state holding company.