Slim outmanoeuvres KPN board; likely to secure 27.7% stake anyway

America Movil (AM), the regional mobile operator owned by the Mexican billionaire Carlos Slim Helu, has scored another victory in its quest to establish a bridgehead in Europe, acquiring roughly one quarter of Netherlands-based telecoms group KPN Telecom (or Royal KPN), despite resistance from the Dutch firm’s management. AM’s EUR8 (USD9.9) per share formal offer for a 27.7% stake in KPN ended yesterday, but Slim’s company has over the past few weeks purchased the majority of its 24.91% through the open market at a lower price. In a filing to the Mexican stock exchange, AM confirmed that it was offered a sizeable number of additional shares – equivalent to 40% of KPN’s stock – as its tender offer closed

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OVETEL Slim outmanoeuvres KPN board; likely to secure 27.7% stake anyway