Juan Fernandez Gonzalez | 01-09-2013
The situation surrounding Amrica Mvils takeover of KPN is becoming more complicated.
The opposition of KPNs Foundation was clearly stated late on Thursday. The Foundation, which claims to independently represent shareholders rights, bought almost 50% of KPNs voting stock, moving to a defensive position and getting ready to stop the bid.
But now its time to move for Amrica Mvil, which announced its ready to scrap the takeover bid, if the opposition to the operation keeps up. Because increasing the offer is not in owner Carlos Slims plans, according to Reuters. AMX offers 2.4 per share, while 3.2 was paid last year when AMX bought 30% of KPN and some analysts currently value the company at 3 per share.
Amrica Mvil showed its surprise because from the beginning it has tried to co-operate with KPN and to create value for KPNs stakeholders and it only intends to grow, aiming to do the same with KPN.
It even recognised in a release the importance of its intervention in KPN-Telefnicas negotiation for KPN's German unit E-Plus and its influence over the final increase of 500 million more than what was initially offered by Spanish operator.
This is why the situation is so tense, according to Amrica Mvil. In the event that the Foundation maintains its current position and seeks to prevent the offer from proceeding to the detriment of KPNs customers, employees and shareholders, and also to the detriment of telecommunication services in the Netherlands, Amrica Mvil is prepared to withdraw its offer, it said.