DutchNews.nl - Mexico's América Móvil boosts KPN stake to nearly 21%

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Mexico's América Móvil boosts KPN stake to nearly 21%

Friday 22 June 2012

Mexican telecom firm América Móvil has increased its take in Dutch peer KPN to 20.92%, according to media reports on Friday.

América Móvil has offered €8 a share in an effort to build up a 27.7% stake in the Dutch firm, which it plans to use as a springboard to the European market.

KPN has called on shareholders to reject the offer as too low.

In Dutch corporate law, shareholders with a stake of more than 30% have to bring out a bid for the entire company.

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