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KPN Shareholders to Vote on Deal to Sell German Subsidiary

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Netherlands based KPN has called a shareholders meeting to vote on the previously announced deal to sell its German subsidiary E Plus to Telefonica Germany.

The shareholders are due to vote on the offer on the 2nd October.

Mexico's America Movil currently owns 29.8 percent of KPN and announced a takeover bid last month. It is still unclear if America Movil will vote in favour of the deal to sell E-Plus, and has been suspected to be unhappy with the deal.

Meanwhile, America Movil says that it has raised the necessary funds to finance its EUR 8.1 billion (USD11 billion) takeover bid to buy KPN. The KPN board is still studying the offer to see if they will recommend it.

KPN's shares at EUR2.29 per share are still below America Movil's offer of EUR2.40 per share.

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Tags: kpn  e-plus  america movil  Netherlands  Germany