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Telecom group KPN fails to find a buyer for E-Plus

Thursday 21 June 2012

KPN has failed to find a buyer or partner for its German mobile operator E-Plus despite having talks with a number of parties, news agency ANP reports on Thursday.

The sale of the successful E-Plus operation was seen as a way of generating more value for shareholders and to keep out América Móvil. The Mexican firm has offered €8 a share for a stake of 27.7% in KPN.

KPN has rejected the offer as too low.

América Móvil, owned by the world's richest man Carlos Slim, already owns 8.5% of the Dutch firm and sees the bigger stake as a way of breaking into the European market.

Under Dutch merger and acquisition rules, shareholders with a stake of more than 30% in a Dutch firm are required to make a formal takeover offer.

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