America Movil hikes stake in Dutch telecom group KPN NV to 7.3 %
12 Jun 2012
Mexican telecom group America Movil, owned by Mexican billionaire Carlos Slim Helu, has acquired additional stake from the market in KPN NV, at a price that is lower than its tender offer to buy a 27.7 per cent stake in the Dutch telecom company.
Mexico City-based America Movil, which owns 4.8 per cent in KPN, had early last month offered to buy an additional 22.9 per cent stake for €8 per share or $3.5 billion to take its total holding in KPN to 27.7 per cent.
America Movil's offer for KPN ends on 27 June. The acquisition would be the biggest investment by the company outside Latin America.
The Hague, Netherlands-based KPN had advised its shareholders not to accept America Movil's proposal saying that the €8 per share offer was too low.
On 31 May, America Movil increased its holding in KPN to 5.01 per cent through market purchases, but it did not reveal at what price it had bought the shares.
The company yesterday said in a statement that it bought an aggregate of 6 million shares of KPN, bringing its holding in the Dutch firm to 7.3 per cent.
