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KPN to Sell Belgian Subsidiary As America Movil Increases Stake Past 20%
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Mexico's America Movil says that it has increased its holding in Netherlands based KPN to over 20%, reaching 20.92% at the close of business yesterday. The company has set itself a target of buying up to 27.7% of the shares in the company.
In line with the applicable regulatory requirements, the company said that it has notified the Dutch Authority for the Financial Markets (AFM), including in relation to crossing the 10%, 15% and 20% notification threshold under applicable Dutch law.
KPN has been fighting the share purchases by Amercia Movil saying that the price being offered undervalues the company, but it also dropped plans to sell its E-Plus subsidiary to raise cash for shareholders.
It has however now announced that it will put its much smaller Belgian subsidiary, Base up for sale, with tender documents going out next month. The company is estimated to be worth around EUR 1.8 billion.
Tags: [america movil] [kpn] [Netherlands] [Belgium]
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