Bloomberg News

America Movil Won't Raise Offer for KPN Stake, CFO Says

May 11, 2012

Carlos Slim’s America Movil SAB said it won’t raise its 8-euro per share offer to increase its stake in Dutch phone company Royal KPN NV (KPN) to as much as 28 percent and will wait to see if shareholders accept the bid.

America Movil hasn’t received an invitation from the Hague- based KPN to discuss the offer, Chief Financial Officer Carlos Garcia-Moreno said in an interview with Het Financieele Dagblad today. The comments were confirmed by the company via an outside spokeswoman.

KPN reiterated that the unsolicited offer from America Movil “substantially” undervalues the company, said Steve Hufton, a spokesman for the Dutch operator. He wouldn’t comment on whether there was an invitation from KPN to dicuss the offer.

If America Movil’s offer is successful, the Mexico City- based company has no immediate plans to increase its holding, and would probably not evaluate buying more shares for at least a year, a person familiar with its plans said this week. KPN could eventually be used as a vehicle for further acquisitions in Europe, the person said.

KPN fell 0.2 percent to 7.79 euros at the close of trading in Amsterdam. America Movil rose 0.1 percent at 17.16 pesos at 11:18 a.m. in Mexico City.

To contact the reporter on this story: Maaike Noordhuis in Amsterdam at

To contact the editor responsible for this story: Kenneth Wong at

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