America Movil secures funding for KPN bid

|About: America Movil SA de CV (AMX)|By:, SA News Editor

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.