Reuters: Mergers News: UPDATE 1-KPN opposes America Movil offer, to review German ops

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-KPN opposes America Movil offer, to review German ops Jun 1st 2012, 06:03 Fri Jun 1, 2012 2:03am EDT * KPN repeats America Movil offer is too low * KPN to review options for German unit E-Plus * KPN has talked to Chinese, Middle East investors-paper AMSTERDAM, June 1 (Reuters) - Dutch telecoms group KPN , target of Mexican tycoon Carlos Slim's telecoms group America Movil, on Friday advised its shareholders not to accept the Mexican offer to obtain a stake in KPN. KPN said in a statement the offer of 8 euros per share or about $3.25 billion in total, was too low, and it would review "strategic options" for its German operations E-Plus to create "superior value" for all its shareholders. America Movil, controlled by billionaire Slim, wants to raise its stake to up to 27.7 percent, and on Wednesday launched its offer to obtain the shares it does not yet own. On Thursday it raised its stake to 5.01 percent from 4.8 percent earlier. "We are convinced America Movil is not offering a fair premium for gaining significant influence over KPN," KPN Chief Executive Eelco Blok said in the statement. KPN said America Movil's ownership of 27.7 percent of the company would "deprive other KPN shareholders of (a) merger and acquisition premium". KPN is actively looking for investors in China and the Middle East who want to own a substantial stake of the company, Dutch paper Het Financieele Dagblad reported on Friday, citing unnamed sources. KPN's Chief Financial Officer Eric Hageman spoke to Chinese sovereign wealth fund China Investment Corp at the start of this year, the paper said, citing the sources. A KPN spokesman declined to comment. Link this Share this Digg this Email Reprints

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