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Royal KPN N.V. (KKPNF)

- Grey Market
  • Mon, Apr. 20, 3:32 AM
    • Liberty Global's (NASDAQ:LBTYA) Belgian unit has agreed to buy Royal KPN's (OTCPK:KKPNY) local mobile-phone business Base for €1.33B ($1.43B) as billionaire John Malone enlarges his European cable and telecommunications empire.
    • Telenet (OTCPK:TLGHY) has about 900K mobile subscribers; Base has 3.3M.
    • With Malone expanding through purchases across Europe, Liberty Global now owns cable and phone operations stretching from Hungary to the U.K.
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  • Wed, Mar. 4, 12:57 PM
    • While rival Royal KPN (OTCPK:KKPNY +1%) is hoping to draw €1B in selling Base, its Belgian mobile division, France's Orange (NYSE:ORAN) -- which has a majority stake in Belgium's No. 2 provider Mobistar -- says it wants to stay in the country.
    • Orange's Gervais Pellissier says his company hasn't been contacted about the Base sale but: "Consolidation is necessary in the market and it would make sense for someone already in the country to buy it."
    • He expected if Mobistar got involved, in an effort to better take on market leader Belgacom, it would be tough to get the deal approved by regulators.
    • Strategic bidders or private-equity funds still seem the likely candidates to buy Base in a market hit by a price war and ripe for consolidation.
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  • Tue, Mar. 3, 4:15 PM
    • Royal KPN (OTCPK:KKPNY) is re-examining a sale of its Belgian mobile-phone unit Base -- which might draw €1B ($1.1B), Bloomberg reports.
    • JPMorgan Chase is working with the company on a possible transaction, which could include strategic bidders or buyout firms.
    • The company tried to sell Base in 2012 but didn't receive a bid they liked, reportedly expecting €1.8B.
    • Base is working on growing data usage from a low base in Belgium. It earned €711M in revenues and €149M in EBITDA in 2014.
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  • Feb. 19, 2014, 4:09 AM
    • The European Commission is unhappy with Telefonica's (TEF) €8.6B ($11.83B) purchase of KPN's (KKPNF) German unit in its current form, Reuters reports.
    • The EC's objections could mean that Telefonica will have to make concessions to gain the regulator's approval.
    • The EC started an inquiry into the deal in December, saying it was concerned that the acquisition would lead to a fall in competition in Germany and to higher prices.
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  • Dec. 12, 2013, 12:47 PM
    • Reuters reports the E.C. will "open an in-depth probe" into Telefonica's (TEF -0.9%) $11.9B cash/stock purchase of KPN's (KKPNF) German unit on Friday, and will reject a German proposal to handle regulatory scrutiny of the deal.
    • Many expected the E.C. to closely scrutinize the acquisition, which stands to lower the number of German mobile carriers from four to three (Telefonica/KPN, Deutsche Telekom, and Vodafone). Citi has estimated the deal could produce €4B ($5.5B) in annual synergies.
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  • 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.
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  • 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.
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  • Sep. 9, 2013, 11:40 AM
    • Royal KPN (KKPNY.PK) CFO Eric Hageman resigns. The company stated that Hageman stepped down due to personal circumstances unrelated to America Movil's contested takeover bid for the Dutch telco.
    • Kempen analyst Sander van Oort: "The timing of the resignation isn't great ... He plays a crucial role in the [America Movil] negotiations and how to make this a successful transaction ... there might also be more internal focus now."
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  • Sep. 1, 2013, 2:35 AM
    • America Movil (AMX, AMOV) has said there is "no way" it will increase its €7.2B bid for KPN (KKPNF.PK) after an independent foundation connected to the Dutch telecom operator moved to block the offer. America Movil has said it is prepared to walk away from the deal.
    • Spokesman Arturo Elias said America Movil would "have to carefully analyze" whether to sell its 29.8% stake in KPN if the proposal were to be unsuccessful.
    • Elias also denied the foundation's contention that the America Movil's bid is hostile, saying "we've had lots of conversations with (KPN's) management."
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  • 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.
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  • Aug. 26, 2013, 2:52 AM
    • 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.
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  • Aug. 21, 2013, 3:20 PM
    • Carlos Slim's America Movil (AMX -1.7%) announces it has secured the funds for its €7.2B bid for the 70% of KPN shares (KKPNF.PK -3.9%) it does not own.
    • The move ups the ante in the game over KPN's fate. Slim reportedly views Telefonica's €8.1B bid for KPN's German business, E-Plus, as too low.
    • The rub? KPN's independent foundation has the ability to block Slim's move and has announced its skepticism over Slim's motives.
    • The market has priced in some level of uncertainty about the acquisition(s). KPN shares closed at €2.27 in Amsterdam, below Slim's €2.40/share bid.
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  • Aug. 14, 2013, 3:04 AM
    • An independent foundation that has the ability to prevent America Movil's (AMX AMOV) €7.2B acquisition of KPN (KKPNF.PK) has expressed concern about the deal.
    • "There is considerable uncertainty about América Móvil's intentions," the foundation said, citing a lack of information, "including (about) KPN's intention to sell its German subsidiary E-Plus." The latter is due to be acquired by Telefonica (TEF).
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  • Aug. 9, 2013, 2:05 AM
    • 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%.
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  • Jul. 29, 2013, 3:21 AM
    • 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)
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  • Jul. 23, 2013, 3:02 AM
    After 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.
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Company Description
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