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America Movil Looking to Sell KPN Stake

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Mexico based America Movil is reportedly considering selling its minority stake in Dutch KPN, less than three years after it failed in a bid to takeover the company.

Carlos Slim's America Movil launched a bid for KPN, building up a 21 percent stake in the company as part of a wider attempt to build up a European presence, but the move was blocked.

America Movil's 21 percent stake is valued at about USD3.6 billion.

Citing sources familiar with the matter, Bloomberg News reported that KPN is working with America Movil to find investors who would be willing to buy the stake.

Slim hasn't made a final decision about the timing or structure of a sale, the people said.

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Tags: kpn  america movil  Netherlands