Telefonica Cinches Support For Sweetened $11.5B KPN Bid

Law360, New York (August 26, 2013, 1:14 PM EDT) -- Spain's Telefonica SA on Monday kicked up its offer for the German telecommunications operations of Royal KPN NV to €8.55 billion ($11.46 billion), enough to win over major KPN shareholder America Movil SAB de CV and pave the way for a tie-up.

The revised terms value the Dutch company's E-Plus unit at €5 billion and guarantee KPN a 20.5 percent stake in the combined operation, upgrades to an original proposal that promised a €5 billion cash payout and a 17.6 percent stake. Both the supervisory board...
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