Carlos Slim’s America Movil (AMX) once more increased its stake in KPN to 23.43% as its tender offer period to acquire up to 27.7% of the Dutch telco draws to a close.
The Mexican telecoms group announced late yesterday (26 June) – the evening…
Carlos Slim’s America Movil (AMX) once more increased its stake in KPN to 23.43% as its tender offer period to acquire up to 27.7% of the Dutch telco draws to a close.
The Mexican telecoms group announced late yesterday (26 June) – the evening before its €8 per share tender offer to KPN shareholders ends – that it had increased its stake via a series of transactions both in and outside regular market trading. The company paid between €7.52 and €7.55 for the 19, 425,853 shares it acquired yesterday outside regular market trading.
Holding a total 332,243,130 KPN shares at the end of the day, AMX confirmed it could accept a maximum of 61,039,870 (equal to 4.3% of all issued and outstanding shares) before the tender closes at 17:30 CEST today (27 June).
The offer will be declared unconditional within three business days, AMX added.
As such, KPN appears to have lost the battle to prevent AMX from gaining a significant influence over the telco, which recently announced it will start the sales process for its Belgian unit BASE next month.
As previously reported, KPN executives and analysts have said a 27.7% shareholding would afford AMX considerable influence, including the capability to make or break important strategic decisions.
