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General

KPN withdraws pref shares blocking stake

Monday 13 January 2014 | 09:59 CET | News
KPN has withdrawn the preferred shares issued last year to block America Movil's attempted takeover of the Dutch operator. The shares were issued to a special foundation set up to protect KPN's interests. The company's shareholders approved the move at an extraordinary meeting, as well as a reduction in the nominal value of the shares, to 4 cents from 24 cents. The latter was tied to reducing the financing costs for the foundation, prompting America Movil, the largest shareholder in KPN with a 15 percent stake, to vote against the resolution. The withdrawal of the pref shares was approved by

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