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Mexico's América Móvil ups stake in Holland's KPN

Tuesday, June 12, 2012

Mexican billionaire Carlos Slim upped the pressure on KPN shareholders by buying more stock of the Dutch telecommunications company at a lower price than his current tender offer for up to 27.7 percent of the firm.

Mobile phone giant América Móvil, the jewel of Slim's empire, said it made four separate transactions to bring its holding in the Dutch firm to 7.3 percent.

América Móvil's move comes after news that KPN will kick start the sale of its Belgian BASE mobile phone business to fend off Slim's bid for the whole group.

Source: Reuters