America Movil makes offer to acquire rest of KPN

|About: America Movil SA de CV (AMX)|By:, SA News Editor

America Movil (AMX), which owns 29.8% of KPN (KKPNF.PK), is launching a bid to acquire the rest of the Dutch carrier for €2.40 a share, or a 20% premium to yesterday's closing price.

The offer values the 70.2% stake that America Movil doesn't own at €7.2B.

The proposal comes after America Movil last month terminated an agreement to keep its stake under 30% after KPN agreed to sell its German unit E-Plus to Telefonica (TEF) for €8.1B. The Mexican company has yet to decide whether to support the transaction.

America Movil's proposal is conditional on obtaining a stake of over 50%.