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KPN plans sale of Belgian operation
25 June 2012
KPN to use earnings from sale of Base to improve credit profile and financial flexibility
Netherlands incumbent KPN is to begin the process to sell its Belgian operation, Base, in July. The move has been agreed by the company’s supervisory board and board of management.
KPN says it will use the earnings from the sale to improve its credit profile and financial flexibility.
The company announced the news in a release responding to América Móvil’s bid to buy a 28% stake in the company at €8 a share. KPN said that the partial offer by América Móvil significantly undervalues the company and does not offer an appropriate premium on all outstanding ordinary shares for gaining significant influence. GTB
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