Mexican billionaire and Forbes' world richest man for 2013, Carlos Slim’s America Movil SAB in a bid to expand his telecommunications empire beyond Latin America, plans to fully take over Dutch carrier Royal KPN for approximately 7.2 billion Euros. The company will offer 2.40 euros a share for 70 per cent in KPN, which represents 20 per cent more that KPN’s closing price in Amsterdam.
The bid, however, remains conditional upon America Movil winning a stake of more than 50 per cent.
America Movil spent about $4 billion increasing its stake in KPN last year, after bidding 8 euros a share. Shares in Telekom Austria AG (TKA) have also slumped since he acquired a stake last year. The latest takeover bid followed the collapse of a standstill agreement — after KPN last month agreed to sell its German business E-Plus to Spain’s Telefonica SA (TEF) — that capped America Movil’s holding in the Dutch carrier at about 30 percent.
The 8.1 billion-euro transaction would create Germany’s largest wireless carrier by customers. America Movil said it hasn’t decided whether to support KPN’s deal with Telefonica, one of Slim’s biggest rivals in Latin America. It’s unclear whether Slim personally supported the E-Plus sale, two people familiar with the matter have said last month.