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General

America Movil cuts stake in KPN

Tuesday 22 July 2014 | 10:16 CET | News
America Movil has reduced its stake in Dutch operator KPN to 22.6 percent. The Mexican company said in its Q2 report that it sold some of its KPN shares to help finance other investments. Its stake has now fallen from a peak a 29.8 percent last year when it launched a failed takeover bid for KPN. According to CFO Carlos Garcia-Moreno, America Movil plans to maintain its stake at around 20 percent in order to keep its two seats on KPN's supervisory board. This right drops to one seat if the stake falls to 10 percent and to zero seats if the company has less than 10 percent of the shares.

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Categories: General
Companies: America Movil / KPN
Countries: Netherlands
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