KPN will not sell its German unit E-Plus for the moment. After an unwanted partial bid from America Movil, KPN said it would look at all options to increase shareholder value and interest. The operator said that it analysed one option specifically in depth, providing it with additional insights into the potential synergy value that could be created through in-country consolidation in Germany. However, the current adverse conditions in financial markets have meant that no agreement could be reached at this point in time, and talks have been terminated, KPN said.
KPN added that it now has an even stronger belief that there is significant value embedded in the German market, and is convinced that other parties share this view. The operator still feels America Movil’s partial bid undervalues the company and still recommends that shareholders take no action.
America Movil meanwhile announced it has lifted its stake in KPN to a further 8.7 percent after buying 3.3 million more shares, at EUR 7.90 per share. The Mexican operator now has 124.5 million KPN shares in hand.
