America Movil has been offered enough KPN shares to lift its stake to 27.7 percent. The deadline for the Mexican operator’s partial bid on KPN ran until 17.30hrs on 27 June, and the number of shares tendered reached 39.66 percent of the total outstanding, passing the number America Movil wanted to acquire. By the deadline, the company owned 24.91 percent in KPN and said it would buy another 2.8 percent. The Mexican operator said that any shares tendered in excess of the maximum acceptance number will be scaled down according to standard procedures. In three days, America Movil will announce its bid unconditional. The company will then be KPN's largest shareholder.
At the beginning of May, America Movil made a partial bid for KPN at EUR 8 per share. KPN found the bid too low and advised shareholders not to accept.
With its stake in KPN, America Movil intends to gain a foothold on the European telecoms market. The company also took a 23 percent stake in Telekom Austria. The Mexican operator has repeatedly said it does not want to make complete acquisitions in Europe, but to seek partnerships for the long term.
