Royal Kpn N.V.: Likely 9.5% ROI With Limited Downside
It's Official: KPN and Reggefiber Planning Joint VentureTim Poulus • Nov. 21, 2008
Royal KPN provides telephone, Internet and television services to personal customers through its fixed network in The Netherlands. For business customers, Co. provides a range of services, from voice, Internet and data services to fully-managed outsourced ICT solutions, in The Netherlands and... More
Thursday, Oct 172013, 4:55 AM
Thursday, Oct 172013, 4:55 AM| Comment!
- Although America Movil (AMOV, AMX) has withdrawn its €7.2B ($9.7B) bid for KPN (KKPNY.PK) because of a disagreement over price, the deal may not be dead, the CEO of the Dutch telecom group has indicated.
- "I'm not going to say which price we wanted because there is a possibility that we will be sitting around the table again," Eelco Blok said.
- Despite the prospect of renewed talks, KPN shares are -8.6% in Amsterdam.
Wednesday, Oct 162013, 12:33 PM
Wednesday, Oct 162013, 12:33 PM| Comment!
- 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.
Tuesday, Oct 12013, 4:10 PM
Tuesday, Oct 12013, 4:10 PM| Comment!
- 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.
- More on America Movil/KPN
Monday, Sep 162013, 4:15 AM
Monday, Sep 162013, 4:15 AM| Comment!
- KPN (KKPNY.PK) will be able to cut its taxable income in Holland by €3.7B ($4.9B) over the coming years, beginning in 2014, due to the losses it's suffering on the the €8.55B ($11.4B) sale of German unit E-Plus to Telefonica Deutschland.
- The Dutch telecom carrier, which is the subject of a €7.2B takeover bid from Mexico's America Movil (AMX, AMOV), bought E-Plus for almost €19B.
Thursday, Sep 122013, 2:27 AM
Thursday, Sep 122013, 2:27 AM| Comment!
- Has Carlos Slim's bluff been called? Slim's America Movil (AMX, AMOV), which owns 29.8% in KPN (KKPNY.PK), is in talks over a full takeover of the Dutch telecom carrier, the latter says.
- America Movil had offered €7.2B ($9.58B) to acquire the shares in KPN it doesn't own but threatened to drop the bid in response to the KPN foundation adopting a poison pill.
- KPN shares rose yesterday on speculation that Slim would increase his proposal even though America Movil has said there is "no way" it would do so. (PR)
Friday, Aug 302013, 3:45 AM
Friday, Aug 302013, 3:45 AM| 1 Comment
- 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.
Monday, Aug 262013, 2:52 AM
Monday, Aug 262013, 2:52 AM| Comment!
- America Movil (AMX, AMOV), which owns almost 30% in KPN (KKPNF.PK) and is looking to acquire the rest, will support the latter's sale of its German mobile unit E-Plus to Telefonica Deutschland (TEF) after the Spanish-owned telecom operator improved the deal terms.
- KPN will now receive 20.5% in Telefonica Deutschland rather than 17.6%, as originally planned, raising the value of the transaction to €8.55B ($11.4B) from €8.1B.
- KPN shareholders are due to vote on the sale on October 2.
Friday, Aug 92013, 2:05 AM
Friday, Aug 92013, 2:05 AM| 2 Comments
- America Movil (AMX), which owns 29.8% of KPN (KKPNF.PK), is launching a bid to acquire the rest of the Dutch carrier for €2.40 a share, or a 20% premium to yesterday's closing price.
- The offer values the 70.2% stake that America Movil doesn't own at €7.2B.
- The proposal comes after America Movil last month terminated an agreement to keep its stake under 30% after KPN agreed to sell its German unit E-Plus to Telefonica (TEF) for €8.1B. The Mexican company has yet to decide whether to support the transaction.
- America Movil's proposal is conditional on obtaining a stake of over 50%.
Monday, Jul 292013, 3:21 AM
Monday, Jul 292013, 3:21 AM| 1 Comment
- America Movil (AMX) has terminated a "standstill" agreement to limit its holding in KPN (KKPNF.PK) to below 30%, signaling that Carlos Slim's company could bid for the whole of the Dutch telecom group.
- America Movil was entitled to end the deal following Telefonica's €8.1B bid for E-Plus, KPN's German mobile unit.
- America Movil hasn't said whether it plans to raise its stake in KPN to 30%, which would force the Mexican carrier to make an offer for the shares it doesn't own. (PR)
Tuesday, Jul 232013, 3:02 AMAfter months of speculation, Telefonica Deutschland (TEF) has agreed to acquire KPN's (KKPNF.PK) German E-Plus unit in a deal that values the subsidiary at €8.1B. KPN will receive €5B in cash and a 17.6% stake in Telefonica Deutschland. The transaction will create the biggest cellular operator in Germany with annual revenues of over €8B, and enable the combined entity to better compete with leading operators Deutsche Telekom (DTEGF.PK) and Vodafone (VOD). The merger is expected to create synergies of €5-5.5B. |Tuesday, Jul 232013, 3:02 AM| Comment!
Monday, Jul 222013, 11:02 AMTelefonica (TEF +1.5%) is in "advanced talks" to merge its German unit (went public last year) with KPN's (KKPNY.PK) E-Plus German mobile unit in a cash/equity deal, the FT reports. The deal is said to have the blessing of Carlos Slim - America Movil (AMX +0.5%) owns ~28% of KPN - and would reportedly result in Telefonica paying €6B ($7.9B) and owning a 50%+ stake in the combined firm, whose enterprise value is pegged at €16B ($21.1B). EU regulators could object to the deal antitrust grounds; Citi thinks it could yield €4B in synergies if it happens. Telefonica Deutschland +6% in Frankfurt, KPN +10.1% in Amsterdam. |Monday, Jul 222013, 11:02 AM| Comment!
Thursday, Apr 252013, 9:47 AMTelefonica (TEF -0.3%) is thinking of selling its German wireline ops, Bloomberg reports. One source adds Telefonica, which has been eying asset sales to pare its debt load, is open to sharing its mobile network with a rival or merging the business with KPN's (KKPNY.PK) E-Plus unit. Vodafone (VOD), which seems intent on growing its German wireline presence, is a logical buyer for the wireline business, which claims 2.4M broadband subs and has an estimated value of €2B ($2.6B). Liberty Global (LBTYA), reportedly eying Kabel Deutschland, is another possibility. |Thursday, Apr 252013, 9:47 AM| Comment!
Wednesday, Jun 272012, 3:44 PMCarlos Slim's American Movil (AMX +1.4%) does an end-around management at KPN (KKPNY.PK) to take effective control of the company, acquiring 27.7% in a tender offer. U.S. investor Capital Research and Management appears to be the strength behind the move, reducing its exposure in KPN to 6.79% from 15.11%. The stake puts AMX just below the 30% threshold which requires a bidder for a Dutch firm to buy the whole company. |Wednesday, Jun 272012, 3:44 PM| Comment!
Thursday, Jun 212012, 1:54 PMCarlos Slim's America Movil (AMX -1.5%) has increased its stake in KPN (KKPNY.PK) to 20.92%, marking significant progress in its bid to raise its holding to 27.7% from 4.8% at the end of May. KPN's efforts to block Slim have looked doomed after it was unable to find a buyer or partner for its German E-Plus unit. (previous) |Thursday, Jun 212012, 1:54 PM| 2 Comments
Tuesday, Jun 122012, 11:48 AMAlthough the markets disapprove of America Movil's (AMX) foray into Europe with KPN (KKPNY.PK), Emerging Money says the "markets are wrong." EU telcos will probably make profits regardless of the economic situation, which has caused KPN's shares to become "artificially low." Scooping them up "should be a good long-term strategic move for America Movil." |Tuesday, Jun 122012, 11:48 AM| 1 Comment
Tuesday, Jun 122012, 11:40 AMCarlos Slim's America Movil (AMXL +2.6%) ups the ante with KPN (KKPNY.PK), increasing its stake to 7.3% from 5.01% after paying €7.8 a pop for 6M shares. That's below the €8 proposal in the Mexican telecom carrier's tender offer to KPN shareholders in which it wants to raise its holding to 27.7%. |Tuesday, Jun 122012, 11:40 AM| Comment!