Dutch operator KPN announced that it has been informed by its shareholder America Movil that it has terminated their relationship agreement signed in February with immediate effect. America Movil confirmed the decision in a statement, without providing further details.
In addition to governance issues, the agreement included a standstill providing that AMX would not increase its shareholding to 30 percent of more, the trigger for a full takeover bid of KPN. AMX will continue to have two seats on KPN's supervisory board as long as it holds at least 20 percent in the Dutch company.
The announcement follows reports that AMX is questioning KPN's planned sale of its German operator E-Plus, as the price may be too low. The Mexican company acquired its almost 30 percent stake in KPN last year for around EUR 8 per share, but KPN's share price has since fallen to less than EUR 2.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.
We have been keeping professionals in the telecoms industry up-to-date since 2000. Telecompaper is a well respected, independent research and publishing company focussed on the telecommunications industry.
3995 AA Houten
Phone: +31 30 6349600
Fax: +31 30 6349699
© 2000 - 2015 Telecom.paper BV. All rights reserved.
Telecompaper is a trademark of Telecom.paper BV. No part of this site can be reproduced without
the expressed permission of Telecom.paper BV. Our General Terms and Conditions can be found here.
Terms and Conditions