Shareholders in Dutch telco KPN have approved the company’s proposal to cancel the outstanding preference B shares held by the foundation charged with protecting it.
The cancellation is expected to take place in March in light of a two-month formal…
Shareholders in Dutch telco KPN have approved the company’s proposal to cancel the outstanding preference B shares held by the foundation charged with protecting it.
The cancellation is expected to take place in March in light of a two-month formal objection period, KPN said in a statement. Shareholders also approved a proposal to reduce the nominal value of KPN shares in order to lower costs related to the preference B shares.
The foundation exercised a call option in August last year which gave it almost 50% of the telco’s voting rights, effectively blocking America Movil’s (AMX) €7.2bn (US$9.6bn) takeover bid.
The foundation asked KPN to convene an EGM to redeem the preference shares in November.
