America Movil officially launches bid for KPN shares

News General Netherlands 30 MAY 2012
America Movil officially launches bid for KPN shares
America Movil has officially made a cash offer for part of KPN. The Mexican company wants to take its 4.8 percent stake in KPN to 27.7 percent, at EUR 8.00 per share. The offer expires on 27 June. According to America Movil, KPN has an attractive position in key European markets. The Mexican company supports the strategic plans of KPN management, such as they have been disclosed up to now, and expects KPN's management, supervisory board and shareholders to continue developing a constructive relationship for the long term. KPN said it has noted the partial offer of America Movil and that is would respond shortly. As stated previously, KPN feels EUR 8 per share undervalues the company and will therefore continue to explore all strategic options.

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GERMANY 1 JUN 2012

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Carlos Slim's European adventure just starting

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NETHERLANDS 17 MAY 2012

Morgan Stanley reduces stake in KPN

Morgan Stanley reduced its stake in KPN to 4.93 percent on 11 May, Reuters reported, citing Dutch market regulator AFM. The AFM registered a stake of 10.01 percent on 4 May, four days before America Movil put forth a bid for KPN shares, wishing to take its stake to 30 percent. Analysts said Morgan Stanley could have been holding the shares on behalf of clients and for trading purposes.

NETHERLANDS 11 MAY 2012

America Movil to stay put at EUR 8 per KPN share

America Movil does not plan to increase its bid for KPN shares, CFO Carlos Garcia-Moreno told Het Financieele Dagblad. The company will wait to see how many shareholders accept the EUR 8 per share bid. KPN will then have to respond as America Movil will be able to substantially up its stake in the Dutch operator even without cooperation. Moreno said he had not received any invitation from KPN to enter talks.

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KPN says America Movil bid too low

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