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KPN works council calls on govt to block takeover
2013-08-29 13:54:00| Telecompaper Headlines
(Telecompaper) KPN's central works council (COR) has called on the government to block the proposed takeover of the Dutch operator by America Movil in the name of public interest. In a letter to the cabinet and parliament, the COR urged politicians to use their influence and introduce legislation to protect KPN from the takeover. The works council includes representatives of KPN's main unions and must be consulted by management in the event of major changes at the company. The COR said its concerned about the continuity of service and employment at KPN if the new owner takes over. KPN's management is in talks with America Movil about the organisation post-takeover, before it decides whether to recommend the takeover to shareholders. However, the COR noted that current Dutch law is not strong enough to ensure such any agreements are upheld, as once a shareholder gains majority control, it can appoint new management or ignore the agreements with management. If KPN were to remain an independent Dutch company, the council pledged to do all it can to ensure the group's profitability and added value for Dutch society. The council hopes to hold talks with the government and MPs on the question.
Tags: works
block
council
calls
KPN, Telefonica win America Movil support for German deal
2013-08-27 02:00:00| Total Telecom industry news
Dutch incumbent to receive 5 billion in cash for E-Plus and a 20.5% stake in the combined business.
Tags: support
america
win
deal
KPN wins America Movil support for German deal
2013-08-26 13:35:15| Telecom - Topix.net
A statement issued by KPN Monday said that Slim's America Movil would give its "irrevocable commitment" to back the E-Plus sale.
Tags: support
america
deal
german
America Movil agrees support for KPN sale of E-Plus
2013-08-26 08:43:00| Telecompaper Headlines
(Telecompaper) Telefonica has agreed to give KPN a bigger stake in their combined German mobile operators in order to gain approval for the deal from KPN's largest shareholder, America Movil. KPN will still receive EUR 5 billion cash for merging E-Plus with Telefonica Deutschland. In addition, the Dutch operator will receive a stake of 20.5 percent in the new company, up from 17.6 percent as agreed in July. Telefonica will hold 62.1 percent in the German company, instead of the 65 percent originally agreed, and the remainder will be free float. Telefonica will still have an option to increase its stake to 65 percent, a year after completing the initial deal at a price of EUR 510 million. KPN shareholders are scheduled to vote on the proposed sale of E-Plus on 02 October. America Movil said in a statement that it will vote for the transaction at the EGM; its board members at KPN also approved the new deal. In addition, the Mexican company reiterated its intention to launch a takeover bid for control of KPN, saying it recently presented the bid to KPN management and plans to start talks with local authorities on the offer.
Tags: support
sale
america
agrees
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.
Tags: america
funds
bid
approval
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