MEXICO, 26 Aug. (EUROPA PRESS) -
The firm chaired by Carlos Slim, América Móvil, has indicated that it remains "committed" to its intention to carry out a voluntary takeover bid (OPA) in cash for all the outstanding shares of KPN at a price of 2.40 euros per share.
América Móvil, which already owns 29.77 percent of KPN, believes that acquiring a majority stake in the Dutch firm will allow the two groups to benefit from greater "cooperation and operational coordination" facilitating the execution of synergies on issues related to purchasing, technology, marketing and operational excellence.
Additionally, América Móvil believes that the acquisition of the majority stake in KPN will allow it to "better" support the company's investment plans in the environment of constant changes that Europe is currently experiencing.
"América Móvil's success in the countries where it operates has been based on its long-term infrastructure investments and the quality and innovation of its services. América Móvil expects the two companies to benefit from their respective experiences in the sector and in the markets where they operate," the company said.
The operator of Slim announced last week that it has secured the necessary resources to finance the purchase of the entire KPN, on which it has launched an offer of about 7,177 million in cash to acquire 70.23 percent of the share capital of the company that it does not yet control.
Additionally, América Móvil has highlighted that the new agreement reached with Telefónica, which will entail the support of the firm chaired by Carlos Slim to the sale of E-Plus, raises the total valuation of the German subsidiary of KPN to 8,550 million euros, compared to the 8,100 million previously set.
The Latin American multinational, majority shareholder of KPN, has thus stressed in a statement that it will support under "better terms" the sale of E-Plus to Telefónica, which will be submitted to a vote at a meeting to the shareholders of the Dutch firm on October 2.
Under the new terms of the sale of E-Plus, KPN will receive €5 billion in cash, and a 20.5 percent stake in the share capital of the resulting new company, up from the 17.6 percent initially planned.
In addition, Telefónica has signed with KPN a purchase option contract of up to 2.9 percent, exercisable on the first anniversary of that contract, for a total exercise price of up to 510 million euros. This purchase option would allow Telefónica to raise its stake to 65 percent, as foreseen in the agreement reached with KPN in July.
