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América Móvil goes Dutch for $4.2 billion Europe entry

Tuesday, May 8, 2012

América Móvil , the telecoms group controlled by Mexican tycoon Carlos Slim, has offered to buy a stake worth up to $4.2 billion in Netherlands-based KPN, seeing it as a base for potential expansion in Europe.

América Móvil, which is seeking up to 28 percent of KPN, sees the move as a long-term investment that would give it a presence in Europe at a time when the Mexican group has run out of opportunities to expand at home, its chief financial officer said.

KPN welcomed the offer, saying it was "moderately positive" and showed the undervaluation of its shares.

Source: Reuters