KPN is pushing for a higher takeover bid from America Movil, people with knowledge of the negotiations told Bloomberg. The Dutch operator wants a higher offer than the EUR 2.40 a share indicated by America Movil, arguing that a tax offset from the sale of its German unit makes the company more valuable. The tax benefit should increase the price to around EUR 2.65 per share, KPN said. However, America Movil is pointing to the weaker prospects in the Dutch mobile market, amid the entry of new players such as Ziggo and Tele2, to justify the lower price.
America Movil is also having trouble winning over KPN’s largest shareholder, the independent foundation with just under 50 percent in the company, Bloomberg's sources said. The two sides are also still trying to resolve questions over job protections and investment plans. KPN shareholders are scheduled to vote on the sale of German unit E-Plus to Telefonica on 02 October.
