Billionaire John Paulson’s hedge fund has taken a 4.54% in Dutch telco KPN.
New York-based Paulson & Co held 193.8 million shares in KPN as of 24 March, according to a filing published by Dutch financial markets regulator AFM yesterday.
Paulson & Co…
Billionaire John Paulson’s hedge fund has taken a 4.54% in Dutch telco KPN.
New York-based Paulson & Co held 193.8 million shares in KPN as of 24 March, according to a filing published by Dutch financial markets regulator AFM yesterday.
Paulson & Co claimed to manage about US$22.8bn as of 1 March and specialises in what it describes as “event-driven arbitrage strategies”, including merger arbitrage, bankruptcy reorganisations and distressed credit, recapitalisations and restructurings.
Best known for its successful bets on the US subprime mortgage crisis, the firm has also reaped rewards from investments in the US cable sector. It is invested in Time Warner Cable but also mobile operators Sprint and UK’s Vodafone.
Last month, the Wall Street Journal quoted Paulson as saying he believes the telecoms sector is ripe for consolidation, particularly in Europe.
Carlos Slim’s Mexico-based giant America Movil (AMX) made an unsuccessful attempt to take over KPN last year and has since reduced its stake in the Dutch telco by a few percentage points to 26.7%.
AMX is now in talks with Austrian state holding company OeIAG to form a shareholders pact for Telekom Austria, paving the way for it to consolidate the Austrian incumbent.
Paulson and KPN have declined to comment on the matter.
