je.st
news
America Movil demands changes at KPN - report
2013-02-13 15:42:00| Telecompaper Headlines
(Telecompaper) America Movil is seeking changes at KPN that may give it greater influence on the Dutch company's management before agreeing to support KPN's planned EUR 4 billion, people familiar with the matter told Bloomberg. America Movil, which holds a 28 percent stake in KPN, may impose conditions including a seat on KPN's board and the replacement of CEO Eelco Blok, the report said. America Movil will almost certainly not participate in the rights issue unless at least some conditions are met, according to Bloomberg's sources. Analysts warned that if the rights issue does not go ahead, KPN could be forced into a restructuring with its debtholders. KPN declined to comment. When KPN announced the proposed rights issue on 05 February, CEO Blok said that America Movil's position was unclear. The Mexico-based company offered EUR 8 per share to build its stake in KPN last year. The Dutch operator's stock has since fallen to around EUR 3.25. KPN shareholders are set to vote on the share sale proposal at a meeting on 19 March.
Tags: report
america
demands
movil
Category:Telecommunications