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General

America Movil targets German market with KPN bid

Monday 12 August 2013 | 11:36 CET | Author: Martijn Kregting | Market Commentary
America Movil (AMX) has suprised the market with an unsolicited takeover bid for KPN. It's offering EUR 2.40 per share, and the offer is conditional on acquiring at least 50 percent of KPN's shares. Why is it launching a bid now when just a few months ago it was saying it had no money for a takeover and was more interested in a long-term cooperation? The reason is clear: it wants to stop KPN from selling its German subsidiary E-Plus to Spanish rival Telefonica. America Movil first acquired shares in KPN in May 2012, building up a stake of 28 percent. Shortly thereafter it bought 21 percent in

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Categories: General
Companies: A1 Telekom Austria / America Movil / E-Plus / KPN / Telefonica
Countries: Germany / Netherlands
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