$9.6B KPN Buyout Bid Withdrawn By Slim's America Movil

Law360, New York (October 16, 2013, 3:34 PM EDT) -- Mexican telecom firm America Movil SAB de CV yanked its €7.2 billion ($9.6 billion) takeover proposal for Dutch rival Royal KPN NV, saying on Wednesday that opposition from a foundation tied to the target company renders the offer not viable.

America Movil's move ends a two-month stalemate between itself and the foundation made up of former Dutch executives and charged with protecting the interests of KPN shareholders.

The foundation had called for a heftier consideration and later exercised an option that gave it nearly 50 percent...
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