América Móvil meets 27.7% KPN share goal

América Móvil, the Mexican telecoms group, has easily met its goal of acquiring a 27.7 per cent stake in KPN, the Dutch telecoms company, despite the latter’s attempts to resist the bid.

América Móvil, owned by billionaire Carlos Slim, said KPN shareholders representing nearly 40 per cent of all shares had accepted its offer of €8 a share when the bidding period closed on June 27. Because América Móvil limited its stake to a maximum of 27.7 per cent, and had already acquired 24.9 per cent of KPN's shares in other transactions before Wednesday, only 2.8 per cent of the nearly 40 per cent of shares that accepted the bid will be purchased.