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America Movil CFO says has had interest in KPN stake
November 17, 2017 / 12:14 PM / a month ago

America Movil CFO says has had interest in KPN stake

BARCELONA (Reuters) - America Movil (AMXL.MX) has seen has seen interest from potential buyers for its 21.4 percent stake in Dutch telecoms group KPN (KPN.AS) and may consider selling, the CFO of the Mexican telecoms company said on Friday.

The logo of America Movil is pictured on the wall of a reception area in the company's corporate offices in Mexico City, Mexico, May 18, 2017. REUTERS/Edgard Garrido

“We have gotten expressions of interest in the past from other players but we are getting expressions of interest again,” Carlos Garcia Moreno said, speaking to investors at the Morgan Stanley TMT conference in Barcelona.

Movil has held KPN shares following its takeover attempt in 2013 that faced opposition from the company’s boards and the Dutch political establishment.

In May 2015, the Mexican company issued bonds worth 3 billion euros ($3.54 billion) that are convertible into KPN shares or cash in 2020 at Movil’s discretion. In September of the same year, it issued a 750 million euro, three-year bond, also convertible into KPN shares.

    Moreno said the company could choose to sell the shares before 2020, and settle the 2020 convertibles in cash.

    “We have 20 percent of the company and we may sell it through the bonds or we may sell it as a package to somebody,” he said.

    KPN shares were around 1.5 percent lower on Friday.

    ($1 = 0.8473 euros)

    Reporting by Mathieu Rosemain and Toby Sterling. Editing by Jane Merriman

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