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KPN foundation blocks America Movil bid
2013-08-30 08:24:00| Telecompaper Headlines
(Telecompaper) A foundation set up to protect the interests of KPN has exercised a call option to take 49.9 percent of the voting rights in the Dutch operator. The Stichting Preferente Aandelen B said it decided to use the option in order to protect the interests of KPN and its stakeholders, including shareholders, employees, unions, customers and Dutch society. In a statement, it said these interests were at risk from the unsolicited takeover bid announced by America Movil. It claimed that America Movil knowingly chose the hostile route in order to create unrest among stakeholders. The Stichting called for America Movil to start talks with KPN and the Dutch government. Earlier in the week the Mexcian company already met with KPN's unions and a Dutch government minister. The unions appeared satisfied from the talks, while the minister also called it a "useful" conversation. However KPN's works council later issued a statement calling on the government to block the takeover in the name of the public interest.
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Category:Telecommunications