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America Movil secures funds, submits KPN bid for approval

2013-08-21 09:10:00| Telecompaper Headlines

(Telecompaper) America Movil announced it has secured the necessary funds to fully finance its proposed takeover of Dutch operator KPN. America Movil said it has agreed binding credit facilities with global financial institutions to finance the bid. It has also submitted the bid memorandum to the Financial Markets Authority in the Netherlands for approval. Once approved, the bid is expected to open in September. America Movil announced on 09 August its intention to launch a bid of EUR 2.40 per share for the rest of KPN. It already holds 29.77 percent of KPN's shares, and the bid is conditional on acquiring at least 50 percent.

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America Movil secures funds for 7.2bn KPN bid

2013-08-21 02:00:00| Total Telecom industry news

Mexican telco giant to submit tender offer to Dutch financial authorities.

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America Movil to launch takeover bid for KPN

2013-08-09 08:31:00| Telecompaper Headlines

(Telecompaper) America Movil has announced plans to launch a full takeover bid for KPN. It already holds 29.77 percent of the Dutch operator and plans to launch a public bid at EUR 2.40 per share to obtain majority control. The offer is a 35.4 percent premium on KPN's average share price in the past 30 trading days. America Movil said a full takeover of KPN would "facilitate greater operational cooperation and co-ordination between the two companies, to exploit all areas for potential partnerships and to intensify the realization of synergy potential for both companies". The company also commented on KPN's proposed sale of its German uni E-Plus to Telefonica, saying it was still considering how to vote its shares at the EGM on the transaction. According to earlier reports, America Movil's representatives on KPN's supervisory board did not vote in favour of the deal. KPN issued a statement saying only that it acknowledged the bid and its boards would consider the offer from America Movil. The latter said it had already presented the bid to KPN's boards and invited them for further talks.

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