- Carlos Slim's America Movil (AMX -1.7%) announces it has secured the funds for its €7.2B bid for the 70% of KPN shares (KKPNF.PK -3.9%) it does not own.
- The move ups the ante in the game over KPN's fate. Slim reportedly views Telefonica's €8.1B bid for KPN's German business, E-Plus, as too low.
- The rub? KPN's independent foundation has the ability to block Slim's move and has announced its skepticism over Slim's motives.
- The market has priced in some level of uncertainty about the acquisition(s). KPN shares closed at €2.27 in Amsterdam, below Slim's €2.40/share bid.