Seeking Alpha

America Movil withdraws KPN offer, shares jump

  • Following weeks of tense negotiations, America Movil (AMX +5.9%) has decided to withdraw its bid for KPN (KKPNY.PK -7.5%). AMX shares have spiked higher on the news.
  • Bloomberg reported earlier this month KPN wanted AMX, which already owns ~30% of the Dutch carrier, to raise its buyout offer above $10.7B to account for a tax ruling related to the pending sale of its German unit to Telefonica Deutschland.
  • AMX was said to be balking at the demand, arguing its offer already accounted for the tax ruling, and that the Dutch mobile market was seeing intensifying competition.
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