Mexican telco bought more shares in four separate transactions.
Mexican mobile giant America Movil late Monday said it has further increased its stake in Dutch telecommunications firm Royal KPN NV to 7.3%.
America Movil, controlled by billionaire Carlos Slim, said in a regulatory filing that it bought 6,000,000 KPN shares in four separate transactions, and that it now holds 104,532,225 shares.
America Movil wants to increase its stake in KPN to 27.7% in a 2.64 billion euro ($3.30 billion) move as it seeks to gain a foothold in Europe. KPN’s management has rebuffed the Mexican firm’s approach, saying the EUR8-a-share bid undervalues the company.
To fight off the offer, KPN said earlier this month that it will review the strategic options of its German unit E-Plus, which is widely regarded as the jewel in the KPN crown. KPN shares closed at EUR7.77 Monday.