America Movil reduces KPN stake to 16%

17 Sep 2018

Mexican telecoms giant America Movil (AM) has reduced its stake in Dutch telco KPN to slightly more than 16%, from its previous level of 21.4%, reports Reuters citing a filing with the Netherlands’ financial watchdog AFM.

AM – controlled by Mexican billionaire Carlos Slim Helu – launched a hostile takeover bid for KPN in 2013, but an independent foundation committed to the protection of KPN shareholders’ interests stepped in to block it. AM offloaded a portion of KPN shares in 2015 and reclassified its remaining holding as ‘available for sale’. KPN’s ownership is distributed on the Amsterdam stock exchange (Euronext), with AM remaining the largest individual shareholder at end-Q2 2018.

Netherlands, America Movil (AM), KPN