KPN shares trade up on speculation of improved America Movil bid

|By:, SA News Editor

Shares of KPN (KKPNY.PK +5.6%) trade up on speculation that Carlos Slim may up his €2.70/share offer for the Dutch telco.

Slim threatened to drop America Movil's bid in response to the KPN foundation's poison pill adoption. However, broader strategic considerations such as the value of Movil's current KPN stake and the necessity of diversification due to regulatory pressures in Mexico may cause Slim to flip flop.

Earlier, Moody's assigned an A2 rating to $750M in 2016 floating-rate America Movil notes intended to finance part of the KPN tender.