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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