Jul. 2, 2014, 11:07 AM
- As expected, the EU has cleared Telefonica's (TEF -1.1%) $12B acquisition of German rival E-Plus from KPN (KKPNY) following a series of concessions.
- E-Plus and Telefonica's O2 Deutschland (TELDF) unit are promising to rent out up to 30% of the combined company's network capacity, divest some spectrum, and extend existing wholesale and 4G broadband resale deals to any service provider interested in them.
- The EU expects the concessions to spawn the creation of up to 3 new MVNOs, and thus keep competition healthy even as the number of German mobile networks gets cut to 3.
- The clearance is expected to fuel further mobile M&A activity on the continent. EU antitrust chief Joaquin Almunia has argued cutting roaming fees and enabling cross-border services is more important for industry health than having 4 carriers in a market.
Oct. 17, 2013, 4:55 AM
- Although America Movil (AMOV, AMX) has withdrawn its €7.2B ($9.7B) bid for KPN (KKPNY.PK) because of a disagreement over price, the deal may not be dead, the CEO of the Dutch telecom group has indicated.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.
Oct. 16, 2013, 12:33 PM
- 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.
Oct. 1, 2013, 4:10 PM
- 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
Sep. 11, 2013, 2:58 PM
- 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.
Aug. 30, 2013, 3:45 AM
- 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.
Jul. 22, 2013, 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. | Comment!
Dec. 17, 2012, 6:37 AMVodafone (VOD) shares sink 2.9% in London after the company agreed to pay €1.4B for Dutch 4G spectrum in an auction that raised €3.8B in total from KPN, T-Mobile and Tele2, as well as from Vodafone. Investors are concerned about the amount operators are going to have to shell out in auctions across Europe, although cash-strapped governments are probably delighted. | 1 Comment
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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
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