America Movil said it now has 20.92 percent of KPN shares. The acquisition brings the Mexican operator closer to its goal of owning 27.8 percent of KPN. The Dutch operator has meanwhile put its Belgian unit Base up for sale. That process will start in July and should be completed within a few months. The proceeds will be used to strengthen KPN's balance sheet.
KPN’s repeated call for shareholders to not sell to America Movil seems to have had little effect. The Mexican operator’s share in KPN went to 8.7 percent on 20 June, and then jumped to 20.92 percent on 21 June. Once it became clear that the merger between KPN and Telefonica in Germany would not go through, private investors decided to wait no longer. KPN's share price also continues to trade slightly under America Movil's offer of EUR 8.00; waiting longer could see the price slide further.
With a 20.92 percent stake, America Movil gets more say in the run of the company. Figures for KPN show that the Mexican operator would have had a majority vote in the last ten years at shareholder meetings. The company said it wants a strategic partnership with KPN, starting with a strategic plan for the coming years.
America Movil began seeking contact with KPN in early April, one month before launching its partial bid. KPN wanted agreements that would reduce the influence of America Movil but the Mexican company refused to go along.
The Dutch government is keeping its distance from the affair. The ministry of economic affairs said only that the "interests of shareholders, employees and customers of KPN should be in the fore concerning any decisions about the future of the company." The government said that services should of course continue for Dutch customers.
