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Telekom Austria said on Thursday that America Movil would directly and indirectly own 26.8 percent of the company after transferring a 3.14 percent stake from a Slim family foundation to America Movil's European holding company, Carso Telecom B.V.
Under Austrian law, stakeholders must make a mandatory takeover bid once they reach a threshold of 30 percent. Holding 25 percent or more gives an investor the power to veto major company moves.
The Austrian government holds 28 percent of Telekom Austria - in which Slim acquired his stake in 2012 - and has said it is also committed to maintaining its blocking minority.
America Movil has said it does not plan a hostile takeover bid for Telekom Austria.
A spokeswoman for America Movil did not immediately respond to a request for comment.
America Movil, which also owns a stake in Dutch KPN, has been seeking to invest outside Latin America, where regulation and competition have been squeezing sales.
Telekom Austria shares, which have been buoyed by speculation that Slim will eventually try to take over the rest of the company, closed up 1.3 percent at 6.60 euros, the top gainers in a 0.8 percent-lower European telecoms index.
(Reporting by Georgina Prodhan, additonal reporting by Elinor Comway in Mexico; Editing by Michael Shields)
