Morgan Stanley trims KPN stake to 4.93%, financial regulator says

16 May 2012

MarketWatch reports that Morgan Stanley has reduced its stake in Dutch telco KPN Telecom (also known as Royal KPN) from 10.01% to 4.93%. Citing a report by the Dutch financial regulator Autoriteit Financiele Markten (AFM), the journal says the change was made on 11 May. The AFM filing confirms that Morgan Stanley’s stake comprises 2.33% in shares and 2.60% in futures and options. The original stake of 10.01% consisted of 4.93% in shares and 5.08% in futures, options and swaps. The group purchased its original 10.01% holding in KPN on 4 May, just days before Mexico’s America Movil (AM) announced its intention to up its holding in the Dutch incumbent. As reported by CommsUpdate, Carlos Slim’s Mexican group revealed plans to acquire up to 28% of KPN on 8 May. In what would be the Mexican group’s biggest foray into Europe to date, Slim is considering a deal worth up to USD3.45 billion to up its stake in the Dutch carrier. AM already owns 4.8% of KPN’s stock but has announced plans to table a cash offer worth EUR8 (USD10.4) per share to increase its equity holding to 28%. The Dutch carrier has since dismissed AM’s initial bid as too low.

Netherlands, KPN