Telefonica Says Not Planning To Bid For Any Part Of KPN

Date : 06/01/2012 @ 4:29AM
Source : Dow Jones News
Stock : America Movil, S.A.B. de C.V. American Depository Receipt Series L (AMX)
Quote : 17.635  0.175 (1.00%) @ 10:12AM

Telefonica Says Not Planning To Bid For Any Part Of KPN

Telefonica (NYSE:TEF)
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Telefonica SA (TEF) said Friday it doesn't plan to bid for any part of Dutch telecoms company Royal KPN NV (KPN.AE), in response to a media report saying the Spanish telecoms company is in advanced talks about a possible purchase of KPN's German mobile business.

The report, from Dutch public broadcaster NOS, comes after KPN said earlier Friday it will review all options for E-Plus, aimed to unlock more superior value to the offer of EUR8 a share from Mexico's America Movil SAB de CV (AMX) on part of KPN's shares.

Asked about comment on the report, a Telefonica spokesman referred to a Bank of America Merrill Lynch summary of a London telecom conference held Thursday, in which Telefonica officials were asked about the matter.

"Telefonica was the key attraction yesterday [Thursday] and its message yesterday was clear regards KPN and all the speculation. Telefonica will not bid for either a part or all of KPN. Second, America Movil will not set Telefonica's agenda and the June 27 deadline for KPN shareholders will not influence Telefonica's actions," the Merrill Lynch summary said.

America Movil launched a cash offer in a bid to raise its stake in the Dutch telecom company to 27.7% from 4.8%. KPN has deemed the offer as too low and since hired investment banks to review its strategic options.

KPN wasn't immediately available for comment.

-By David Roman and Robin Van Daalen, Dow Jones Newswires, +34 91 395 8127; david.roman@dowjones.com; Twitter: @dromanber

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