The foundation that took a controlling stake in KPN to block its takeover by America Movil has now agreed to give up its preference shares in the Dutch operator. The Stichting Preferente Aandelen KPN has asked KPN to set up an extraordinary shareholders meeting to discuss withdrawing the 4.26 billion shares the foundation acquired in August. It noted that it will continue to serve its purpose of protecting KPN's interests and could act again in future if needed.
An earlier report in the Dutch paper NRC Handelsblad provided a reconstruction of the process leading up to the foundation blocking America Movil's bid. According to the paper's sources, the foundation's board was concerned about important national assets such as the emergency 112 number system falling into foreign hands. In part due to pressure from the government, which had not formed any opinion about the national interest of KPN's infrastructure, the foundation decided to exercise the option to take control of KPN, in order to force America Movil to negotiate, the paper said.
