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Slim strengthens his hand in Europe with KPN

Friday, June 22, 2012

Mexican billionaire Carlos Slim extended his power in Europe, taking control of more than a fifth of Dutch telecoms group KPN in the teeth of opposition from the company.

Slim's America Movil, which has been expanding in Europe, said it had raised its stake in KPN to 20.92 percent, closing in on its objective to acquire up to 28 percent.

On Wednesday, KPN failed to find a buyer or partner for its coveted German unit E-Plus, hurting its efforts to fend off Slim, the world's richest man, who a day earlier held only 8.7 percent of the company.

Source: Reuters