Reuters reports that Investor Capital Research and Management, a major shareholder in KPN Telecom (or Royal KPN) of the Netherlands, has cut its stake in the group to 6.79% from more than 15%, citing a filing to the Dutch market regulator AFM, Tuesday.
The move comes hard on the heels of the 21 June announcement that America Movil (AM), the Mexican telecommunications group controlled by billionaire Carlos Slim, had upped its stake in KPN to 20.9%. As reported by CommsUpdate the move marked the latest in a series of share purchases that have occurred since AM launched a formal offer for 27.7% of KPN in May. The management of the Netherlands-based operation remains vehemently opposed to the Mexican group’s bid, considering it undervalues the company. However, AM is circling the Dutch PTO ever more closely whilst simultaneously acquiring minority stakes in other European telcos as it looks to create a foothold on the continent. Earlier this month, AM agreed terms to buy a 21% stake in the Telekom Austria Group from Viennese businessman Ronny Pecik and his Egyptian partner, Naguib Sawiris, with plans to increase this to about 23%.