Mexican mobile giant America Movil (AMX, AMX.MX) said Tuesday it
has further increased its stake in Dutch telecommunications firm
Royal KPN NV (KPN.AE) to 7.86%.
America Movil, controlled by billionaire Carlos Slim, said in a
regulatory filing that it bought eight million KPN shares in three
separate transactions, and that it now holds 112,532,225
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 it would
review the strategic options of German unit E-Plus, which is widely
regarded as the jewel in the KPN crown.
KPN shares closed at EUR7.86 Tuesday.
Write to Marleen Groen at marleen.groen@dowjones.com