America Movil ups stake in Dutch mobile operator KPN to 21%

Mexican billionaire Carlos Slim's America Movil SAB de CV has more than doubled its stake in Royal KPN NV to almost 21 per cent, tightening its grip over the Dutch telecommunications major to gain a strong footing in the European mobile market.

In a statement, America Movil disclosed that the company has entered into a number of transactions in KPN shares, both in and outside regular markets, acquiring a total of nearly 300 million shares representing an interest of 20.92 per cent in KPN.

The prices for the transactions varied between €7.51 and €7.70 per share, lower than the €8.00 it offered KPN shareholders last month.

Earlier this month, Mexican telecom group America Movil acquired additional stake from the market in KPN NV, at a price that was lower than its tender offer to buy a 27.7- per cent stake in the Dutch telecom company.

On 29 May, America Movil, which had a 4.8-per cent stake in KPN, made an unsolicited partial offer to buy additional 325 million shares or 22.7 per cent interest in KPN for approximately €2.6 billion ($3.3 billion).

By the end of May, America Movil increased its holding in KPN to 5 per cent, and subsequently stepped up its stake to 8.5 per cent in June through market purchases.