America Movil secures funding for KPN buyout
LONDON (MarketWatch) — Mexican telecoms leader America Movil SAB said Wednesday it has secured the funds it needs to fully finance its buyout of Dutch carrier Royal KPN NV [s:kkpny] . The company, controlled by Mexican billionaire Carlos Slim, already owns 29.77% of KPN and has offered 2.40 euros per share in cash, adding up to a bid of about €7.2 billion (.7 billion). America Movil made the offer after KPN said it planned to sell its German E-Plus mobile business to Telefonica, which led the Mexican company to end an agreement not to increase its stake in the Dutch telecoms. On Wednesday, KPN announced it is calling a shareholders’ meeting on October 2 to vote on the E-Plus sale. KPN shares were up 2.3% in morning trading on Wednesday.
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