Bloomberg: America Movil, KPN haggling over price

|By:, SA News Editor

Sources tell Bloomberg KPN (KKPNY.PK) wants America Movil (AMX +2.9%) to raise its buyout offer to €2.65/share (€7.9B/$10.7B) from a current €2.40/share (€7.2B/$9.7B), so as to take into account the favorable tax ruling it recently got on the pending sale of its German unit to Telefonica Deutschland.

America Movil, however, is said to be holding firm, arguing its current offer already accounts for the tax ruling, and that cable provider Ziggo's recent entrance into the Dutch mobile market is a sign of deteriorating market conditions.

The filing of America Movil's formal offer for KPN, originally expected in September, is now due this month.

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