‘Hostile takeover’ duo Pecik and Sawiris seek seats on Telekom board

Vienna-based businessman Ronny Pecik and his associate Naguib Sawiris, the Egyptian tycoon who holds an 18.8% stake in international telecoms giant Vimpelcom Group, have declared that they are both keen to secure seats on an expanded supervisory board at Telekom Austria Group, Reuters reports. Since 4Q11 the duo have staged what has been described by the press as a ‘hostile takeover’ of Telekom Austria, quickly building an indirect 20.118% stake in the group, via Pecik’s RPR Privatstiftung and Marathon investment vehicles

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OVETEL ‘Hostile takeover’ duo Pecik and Sawiris seek seats on Telekom board