Carlos Slim Takes Over KPN

Mexican billionaire Carlos Slim and owner of América Móvil offered to take over Dutch phone company Royal KPN NV for 2.40 euro a share. América Móvil which owns almost 30 percent of KPN, made the public offer in a statement today. Last month América Móvil ended an agreement with KPN, after KPN agreed to sell its German business E-Plus to Spain’s Telefonica, that capped the stake of the Mexican company in the Dutch phone carrier at about 30 percent. Slim now has more freedom to use KPN to expand in Europe. América Móvil spent about 4 billion usd increasing its stake in KPN last year, after bidding 8 euro per share. KPN shares jumped 0.7 percent to 2 euro yesterday in Amsterdam, after the news of the possible take over became a rumour.