KPN Sells E-Plus

As expected, the shareholders of KPN have voted on Wednesday in favor of the sales of the German part E-Plus. Telefónica Deutschland has paid KPN 8.5 billion euro for E-Plus. The foundation 'Preferente Aandelen B KPN' did not take part in the voting. The foundation which has the possibility to block a hostile take over could have take part in the voting. Since the selling of the German part of KPN, E-Plus, is favored by everybody, the foundation found it not necessary to vote. Recently the foundation was in the news because of the bid of América Móvil, the telephone company of the Mexican billionaire Carlos Slim, on KPN. That was seen as a hostile take over and the take over was blocked by the foundation. KPN announced that most of the money will be used to increase the financial flexibility of the company. It further gives the company the possibility to focus on the Netherlands and Belgium only.