KPN in ‘constructive talks’ with América Móvil about takeover bid

Telecoms firm KPN has been having ‘constructive talks’ with Mexican group América Móvil about its takeover bid, the Dutch company said on Thursday.

The talks centre on both financial and non-financial matters relating to the offer including price and terms and conditions, the company said.

In a joint statement, supervisory board chairman Jos Streppel and chief executive Eelco Blok said they are ‘carefully considering and weighing the interests of our shareholders, employees, customers and other stakeholders on financial and non-financial matters including safeguarding the vital role of KPN in Dutch society.’

Last week, the Dutch shareholders’ association VEB criticised KPN’s management for failing to give a reaction to the offer and the offer price.

The €7.2bn takeover was launched earlier this summer. América Móvil’s owner Carlos Slim is offering €2.40 per share for the former state-owned monopoly.

At the end of August, a special foundation, charged with ensuring the continuity of the company, said the takeover is hostile and enacted takeover defences to take control of 50% of KPN’s voting rights.

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