Carlos Slim sells off part of KPN stake

Mexican telecom company América Móvil has reduced its share in KPN from 24.83 percent to 22.6 percent, keeping two seats on the board of commissioners of KPM. Carlos Slim wanted his company to take shares in KPN as an investment from the start, as he told Reuters. In time, the shares would then be sold at the right price. Analysts say that this comment means that a new Mexican bid on KPN is less likely now. Financial Director of AMX, Carol Garcia-Moreno, also announced that the company wants to keep its stake in the Dutch telecom company at a certain level so that two Mexican commissioners have seats on KPN's board. This is possible above 20 percent, below that amount, one seat would have to be released. AMX did buy more shares in Telekom Austria, increasing its stake by more then 50 percent and spending €743 million. The Mexican telecom company is making profits because of strong performances in countries outside Mexico where it is active. On home soil, the company has to comply with stricter rules and saw 2 million users unsubscribe. AMX's profits for this year came out at 18.8 billion pesos (around €1 billion). That was 14.2 billion pesos a year before.