KPN’s bosses are considering a €7.2 billion takeover offer by Mexico-based América Móvil that could scupper Telefonica’s deal to buy E-Plus.
The Mexican operator made an offer €2.40 per share for the 70% of KPN it doesn’t already own on Friday that bosses of the Dutch firm say they are obliged to consider. The offer is around 35% higher than the average price of KPN shares in the 30 days prior to the bid, and will boost cooperation between the pair while also expanding América Móvil’s geographic reach, a statement reveals.
KPN bosses may discuss the matter at an EGM due to take place in the coming weeks covering the sale of German subsidiary E-Plus to Telefonica, a rival to América Móvil in Latin America.
América Móvil’s statement cast’s doubt on the deal, with the firm noting it is still “evaluating the merits of the proposed transaction,” and will make its final decision at the EGM.