America Movil has again increased its stake in KPN, taking it to 20 percent from 16 percent, according to a filing with the Dutch Financial Markets Authority (AFM).
The Mexican company and its owner Carlos Slim tried to acquire KPN in 2013, but both KPN's board and the Dutch government were against the hostile takeover attempt. The acquisition was blocked through a series of protective moves, with KPN issuing additional shares to an independent trust in order to dilute America Movil's stake. The company was forced to abandon its bid.
America Movil had accumulated a 30 percent stake in KPN, but has reduced this slowly in subsequent years. The latest increase in America Movil's stake may be due to recent rumours that KPN is again attracting takeover interest. Recent reports say several investment companies and pension funds might be interested in acquiring the Dutch carrier, including Brookfield and EQT.
