Reuters: Mergers News: UPDATE 1-Slim's America Movil launches offer for KPN

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-Slim's America Movil launches offer for KPN May 29th 2012, 15:58 Tue May 29, 2012 11:58am EDT * America Movil maintains offer of 8 euros per share * Bid marks Slim's first move for stronghold in Europe MEXICO CITY May 29 (Reuters) - America Movil, the cell phone giant controlled by Mexican billionaire Carlos Slim, launched an offer for a bigger stake in Dutch telecom firm KPN, the tycoon's first move for a stronghold in Europe. The Mexican company already holds a 4.8 percent stake in KPN . The offer to KPN shareholders will seek to boost America Movil's stake in the Dutch firm to no more than 27.7 percent. America Movil, which has little left to buy in Latin America, said on Tuesday it will pay 8 euros for each of the 325 million KPN shares it wants to buy from current stockholders. Earlier this month, when America Movil first announced its intention to increase its stake, the Dutch firm said the offer, which is worth around $3.25 billion, undervalued the company. KPN was not immediately reachable for comment. If successful, the deal could give America Movil seats on KPN's supervisory board and would give it a presence in Germany, where KPN has been trying for years to merge its E-Plus unit with Telefonica SA's O2 Germany. America Movil's offer will be good from Wednesday through June 27 and could be extended, the company said. Link this Share this Digg this Email Reprints

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