AMSTERDAM (NETHERLANDS), 29 Jul. (EUROPA PRESS) -
The Mexican telecommunications operator América Móvil has decided to break the agreement it had with its Dutch counterpart KPN by which it promised not to increase its stake in the company above 30%, as announced by the European company in a statement.
This decision comes a week after Telefónica's board announced the purchase of KPN's German subsidiary, E-Plus, for 4,140 million euros, an operation on which América Móvil has not yet pronounced.
"Royal KPN has been informed by América Móvil that it has terminated its shareholding agreement dated February 20, 2013 with immediate effect," the Dutch company said in a brief statement.
The main consequence of the termination of this agreement is that América Móvil may increase its stake in the company to 30% or more of the voting rights corresponding to KPN's share capital, subject to legal and offer conditions.
The two representatives of Carlos Slim's company on the board of KPN will maintain their position as long as it controls at least 20% of the shareholding of the Dutch, as well as one more representative each time this stake exceeds 10%.
The Mexican telecommunications operator presented in the spring of 2012 a partial offer to acquire shares in order to raise its stake in KPN to 28% from 4.8%, at a price of 8 euros in cash for each title of the Dutch company.
