America Movil may consider selling its 21.4 percent stake in KPN after receiving interest from a number of parties, Reuters reported. CFO Carlos Garcia Morena said the company had in the past already received expressions of interest and that these were coming in again. Moreno made the statement to to investors at the Morgan Stanley TMT conference in Barcelona.
Movil has held KPN shares following its takeover attempt in 2013 that faced opposition from the company’s boards and the Dutch political establishment. In May 2015, the Mexican company issued bonds worth EUR 3 billion convertible into KPN shares or cash in 2020 at Movil’s discretion. In September 2015, it issued an EUR 750 million, three-year bond, also convertible into KPN shares.
Moreno said the company could choose to sell the shares before 2020, and settle the 2020 convertibles in cash. “We have 20 percent of the company and we may sell it through the bonds or we may sell it as a package to somebody,” he said.
