By Maarten van Tartwijk
AMSTERDAM--Mexican mobile giant America Movil (AMX.MX) late
Monday said it has further increased its stake in Dutch
telecommunications firm Royal KPN NV (KPN.AE) 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.
Write to Maarten van Tartwijk at
maarten.vantartwijk@dowjones.com