AMX Attempts Cheap European Entry

May 9, 2012

America Movil (AMX) has offered EUR2.64bn ($3.44bn) to bring its stake in Dutch telecom KPN to as much as 28%, it says, seizing a cheap opportunity to expand in Europe and to better position itself against Telefonica. The Carlos Slim-controlled telecom holds a 4.8% stake in KPN, and is offering EUR8.00 per share to buy up to an additional 23.2%, representing a 24% premium to the previous day’s closing price, it says. KPN shares closed at EUR7.58 Tuesday, up more than 17%. “It’s an...

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