America Movil Moves In On KPN With $1.6B Stock Buy
By Liz Hoffman
Law360, New York (June 22, 2012, 3:47 PM EDT) -- Mexico's mobile operator America Movil SAB de CV said Thursday it will pay €1.27 billion ($1.6 billion) to increase its stake in teetering Dutch telecom company Koninklijke KPN NV to 20.9 percent, three weeks after KPN rejected a $3.2 billion tender offer for a 23 percent stake.
America Movil, which is owned by Mexican billionaire Carlos Slim Helu, has been trying to use KPN as a stepping stone for a bigger presence in Europe. The Dutch company has struggled to stay profitable during the European market...