KPN Less Likely to Buy MmO2

KPN has announce the start of a share repurchase programme for an initial amount of up to US$612 million of KPN shares, amounting to approximately 3% of the outstanding share capital of KPN at yesterday's closing share price of EUR 6,39.

It is expected that share repurchases will be executed primarily via on-market transactions taking market circumstances into consideration. It is only intended to undertake sShare repurchases will only be undertakenat price levels that enhance value for the remaining shareholders. KPN intends . It is the intention of KPNto cancel any shares acquired.

CEO Ad Scheepbouwer said "In line with our firm commitment to deliver shareholder value, our recent 2003 results announcement stated that KPN has no intention of holding unutilised cash balances. Today we are pleased to announce the next step in fulfilling this commitment".

The announcement dampened speculation that KPN is looking at a takeover for mmO2."

Posted to the site on 12th March 2004