MEXICO CITY--America Movil SAB (AMX, AMX.MX), which is seeking
to build a significant presence in Europe with minority stakes in
several phone companies, said Thursday it has acquired additional
shares of Royal KPN NV (KPN.AE) and now owns 20.9% of the Dutch
telephone company.
The Mexican telecommunications company, controlled by
billionaire Carlos Slim, last month launched an offer to raise its
stake in KPN to about 28%, an offer that KPN management has
opposed, saying it undervalues the company.
In addition to the stake in KPN, America Movil has agreed to buy
21% of Austrian concern Telekom Austria (TKA.VI TKAGY) from
investor Ronny Pecik, with plans to raise its stake to about
23%.
America Movil hopes to use the minority stakes in these firms to
get a foothold in Europe and learn about its markets as it extends
its reach from the Americas, where it operates in 18 countries with
246 million wireless subscribers, making it Latin America's largest
mobile operator.
Earlier Thursday, KPN put its Belgium operations up for sale and
reiterated its recommendation to shareholders not to accept a
partial takeover by America Movil.
The official announcement by KPN to divest itself of its Base
mobile phone business in Belgium comes just a day after talks
between KPN and Telefonica SA (TEF) on a German market
consolidation collapsed. KPN intended to sell its German mobile
provider E-Plus to Telefonica to unlock shareholder value and to
prevent shareholders from accepting the offer from America
Movil.
Telefonica competes with America Movil in Mexico and Latin
America.
Write to Anthony Harrup at anthony.harrup@dowjones.com and
Archibald Preuschat at archibald.preuschat@dowjones.com