According to reports, America Movil has succeeded in buying the 27.7% stake it has been aming at. As of yesterday afternoon, it owned 24.91% with another 2.8% on tap, finishing off the planned purchase smoothly and efficiently.
KPN's board of directors had advised its shareholders to take no action on AM's bid for a minority stake, which it regarded as a lowball offer. Investors, however, seem to have regarded it as an opportunity to exit stage-left. The company's stock price remains solidly below that €8 level, which is amazing in that the world's richest man has made a multi-billion dollar bet on a company and its stock price has if anything gone *down* in response.
What now? AM says that it doesn't want to make full acquisitions in Europe, just long term partnerships. Now that they have 27.7% of KPN, it should be interesting to see how they use it to influence the company's strategy going forward.
But with this four week interlude complete, the big question perhaps is where their attention might move to next. Does Carlos Slim have designs on any other European telcos at these prices? I'll bet he does, but we'll just have to wait and see where he and AM turn up next.
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