America Movil Raises Stake In KPN As Offer Ends

KPN Q1 Profit Falls; Suspends Dividends For FY13, FY14

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6/29/2012 12:06 AM ET

America Movil S.A.B. De C.V. (AMX: Quote, AMOV) said Thursday that it would hold 393.28 million shares in Koninklijke KPN NV (KPN: Quote,KKPNY.PK), representing a stake of 27.7 percent in the Dutch telecom firm, as the acceptance period for shares ended and the offer became unconditional.

It was in late May that America Móvil launched the offer to acquire shares of KPN for 8 euros per share and boost its stake in that company to 27.7 percent. The offer expired on June 27.

AMX held 353.28 million shares as of June 27, around 24.91 percent of outstanding shares, and would buy another 2.82 percent. As shares tendered in excess of the Maximum Acceptance Number will be scaled down, about 7.11 percent of all shares tendered under the offer was accepted.

The Mexican telecommunications company, controlled by billionaire Carlos Slim, said both companies would benefit from their mutual experiences in the sector - both in technological and commercial areas.

The Mexican firm is looking forward to an on-going, constructive dialogue with KPN and expects to explore with the Dutch firm areas for potential cooperation.

KPN closed on Thursday up 0.37 percent at 7.35 euros on 10.42 million shares.

AMX settled at $25.28, down $0.07 or 0.28 percent, on 5.17 million shares.

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by RTT Staff Writer

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