Mexican telecom company América Móvil has acquired a 25 percent interest in its Dutch competitor KPN.
América Móvil’s offer of eight euros per share expired on Wednesday night. A total of 40 percent of shares were offered for sale, but the Mexicans did not want to acquire more than 30 percent of KPN stock because that would have forced them to make a bid for the entire company.
The KPN board was fiercely opposed to América Móvil’s bid which it rejected as much too low. The fact that so many shareholders decided to sell was seen as a vote of no confidence against KPN CEO Blok. América Móvil is owned by Carlos Slim, the richest man in the world. The acquisition is intended to give him access to the European telecom market.
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