Foundation Eyes KPN Exit After Blocking Slim's $9.7B Bid

Law360, New York (November 12, 2013, 11:34 AM EST) -- A foundation that owns roughly half of Royal KPN NV said late Monday that it would exit the Dutch telecom giant after helping thwart a €7.2 billion ($9.7 billion) takeover campaign mounted by America Movil SAB de CV, controlled by Mexican billionaire Carlos Slim.

The move comes about three months after the foundation exercised an option that allowed it to dramatically increase its KPN stake, diluting other shareholders' holdings to effectively stymie America Movil's buyout plans.

KPN's boards said they would arrange a shareholder meeting to...
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