America Movil secures funding for KPN bid


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.

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Comments (2)
  • Humble Value Miner
    , contributor
    Comments (477) | Send Message
     
    2.4 euro is a steal, it was 10+ euro 2 years ago...
    21 Aug 2013, 04:19 PM Reply Like
  • embryorambo
    , contributor
    Comments (281) | Send Message
     
    as a shareholder slim can keep dreaming of getting my shares for 2.4 euros per
    21 Aug 2013, 04:44 PM Reply Like
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