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4 years ago
CORRECTED-KPN foundation intervenes to block America Movil offer for KPN
August 29, 2013 / 8:11 PM / 4 years ago

CORRECTED-KPN foundation intervenes to block America Movil offer for KPN

(Corrects spelling to America from American in headline)

AMSTERDAM, Aug 29 (Reuters) - An independent foundation with the power to block America Movil's proposed 7.2 billion-euro offer for KPN said on Thursday it has intervened to safeguard the interests of the Dutch telecoms group's various stakeholders.

The foundation said it had exercised an option to buy Class B preference shares in KPN and, as a result, had "almost 50 percent of the number of issued and voting shares".

"The foundation has intervened in this way in order to safeguard the interests of KPN and its stakeholders, including shareholders, employees, customers, trade unions and Dutch society more generally," it said, adding that these interests were at risk because América Móvil had not consulted with KPN before announcing its intention to make a takeover offer. (Reporting by Sara Webb; editing by Tom Pfeiffer)

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