Juan Fernandez Gonzalez | 09-08-2013
América Móvil has finally confirmed recent rumours, announcing an offer to buy 100% of Netherlands-based company KPN. The decision comes barely two weeks after Telefónica's offer to buy E-Plus, KPN's German subsidiary.
The Mexican company currently owns less than 30% of KPN but Carlos Slim's corporation recently broke the agreement with the rest of KPN's shareholders to enable it to buy more shares.
Telefónica, which is a direct competitor of América Móvil in Latin America, offered €8,000 million for E-Plus, thus changing the European market and allowing the Mexican company to launch a takeover bid for KPN.
KPN was América Móvil's first investment outside the Americas and the company now "aims to support KPN's plans in a rapidly changing environment," it said in an official release. If the sale goes ahead, América Móvil will have over 50% of the votes in KPN's board, which would enable it to stop any potential deal between Telefónica and the Dutch telco.
América Móvil has offered a price for share of €2.40, a premium of over 35% of the average price during last month.