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KPN says América Móvil’s 23% offer too low
09 May 2012
América Móvil offers €2.6bn to raise stake in Dutch incumbent to 28%, but KPN says it is too little
América Móvil has offered €2.6 billion to increase its 4.8% stake in Netherlands incumbent KPN to 28%. However, KPN said in a statement that the offer is too low and it “substantially undervalues” the company.
KPN says it will now study all “strategic options”, while looking for further clarification on América Móvil’s plans. América Móvil said it anticipates winning necessary approval from Dutch regulators and hopes to complete the transaction by June.
América Móvil’s CFO Carlos Garcia-Moreno has termed the investment “long-term” and “strategic” stating that the stake in KPN will lead to agreements such as marketing, joint purchasing and roaming.
Carlos Slim, the Mexican business investor who controls América Móvil, had earlier tried to acquire a major operator in western Europe, with an offer for a stake in Telecom Italia. GTB
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