America Movil Move Threatens Telefonica's $6.6B KPN Buy

Law360, New York (July 29, 2013, 2:08 PM EDT) -- Mexican telecommunications giant America Movil SAB on Monday scrapped an agreement that capped its stake in Dutch mobile servicer Royal KPN NV, threatening to stymie a separate buyout plan unveiled by Telefonica SA last week.

The pact, signed in February, limited America Movil’s ownership interest in KPN to 30 percent with the possibility of being canceled if a third party lobbed a bid, according to a statement. The Mexican company — controlled by billionaire Carlos Slim — made its move less than a week after Spain’s...
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