America Movil could drop KPN offer after foundation move

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

America Movil (AMX, AMOV) is prepared to withdraw its €7.2B takeover offer for KPN (KKPNF.PK) after an independent foundation created to protect the interests of shareholders and other stakeholders moved to block the deal.

The foundation exercised an option to acquire almost 50% of KPN's voting stock, saying that those stakeholder interests were at risk because America Movil didn't consult with the Dutch telecom carrier before announcing its bid. However, the foundation is open to America Movil addressing its concerns.

KPN shares are -5.2% in Amsterdam.