American business bank Morgan Stanley has built up a stake of 10.1% in Dutch telecoms firm KPN, the financial services regulator AFM reported on Thursday.

It is the first time the stake has been included in the AFM’s registers, meaning Morgan Stanley’s previous interest must have been below 5%, the Financieele Dagblad said.
Morgan Stanley reported the stake on May 4, well before Mexican firm América Móvil announced it planned to build up a 28% shareholding in KPN.
KPN’s board has rejected the América Móvil offer of €8 a share as too low and as unwanted.