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América Móvil launches 27% offer for KPN
30 May 2012
Mexican mobile group América Móvil offers €3.14bn for 27.7% stake in Netherlands incumbent KPN
América Móvil, the Latin American mobile group controlled by Mexican businessman Carlos Slim, has made its first move into Europe with a bid worth €3.14 billion for a 27.7% stake in KPN.
The offer is for €8 a share, 23.5% more than KPN’s share price on May 7 before América Móvil, which also owns Mexican fixed-line company Telmex, announced it was planning to make a move.
The Mexican mobile company already owns 68 million shares in KPN, a stake of 4.8%. KPN runs fixed and mobile businesses in the Netherlands as well as the EPlus mobile service in Germany and Base mobile in Belgium, plus the iBasis wholesale business.
KPN shareholders have until close of business on June 27 to accept América Móvil’s offer. The company has set the offer at below 30%, as under Netherlands takeover law any shareholder with more then 30% would have had to extend the offer to 100%. GTB
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