Mexican firm América Móvil does not intend to increase its €8 a share offer for a 28% stake in Dutch telecoms group KPN, chief executive Carlos Garcia-Moreno told the Financieele Dagblad in an interview.
KPN’s board has rejected the América Móvil offer as an undervaluation. Garcia-Moreno told the paper the criticism ‘will not affect our plan’.
The CEO said he did not understand why he had not been invited by KPN for talks or why a premium on the current share price is considered an under-valuation.
On Thursday it emerged US bank Morgan Stanley has built up a 10% stake in KPN. However, the FD says this later transpired to be part of a complex series of transactions on behalf of clients and that the bank does not have a position in the Dutch telecoms group.
Thank you for donating to DutchNews.nl.
We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.Make a donation