Dutch telco KPN has cancelled the preference shares which the foundation charged with protecting it used to block America Movil’s (AMX) takeover of the company last August.
KPN shareholders approved the foundation’s request to cancel the 4.26 million…
Dutch telco KPN has cancelled the preference shares which the foundation charged with protecting it used to block America Movil’s (AMX) takeover of the company last August.
KPN shareholders approved the foundation’s request to cancel the 4.26 million ‘preference shares B’ on 10 January, the Amsterdam-based company said in a statement. The actual cancellation has followed a two-month formal objection period.
The foundation will receive repayment for the shares equal to 25% of their nominal value plus an amount “similar” to a dividend for the period they were outstanding, KPN said.
The foundation exercised an option to acquire the preference shares last August, effectively blocking AMX’s €7.2bn (US$9.6bn) intended takeover bid. Carlos Slim’s Mexico-based telco has since reduced its stake in KPN slightly, from 29.7% to 27.1%.
AMX’s focus in Europe seems to have shifted to its other asset in the region – a 26.8% stake in Telekom Austria.
AMX and Austrian state holding company OeIAG, TA’s largest shareholder with a 28.4% stake, have been discussing pooling their stakes in the Austrian incumbent. However, local newspaper Kurier reported yesterday that talks have hit major snags over the holding’s insistence on maintaining far-reaching veto rights over certain decisions.
