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KPN Foundation hints at brake on Carlos Slim takeover

The KPN Foundation, an independent body with the power to block hostile takeover attempts of the Dutch telco, has expressed concern about Carlos Slim-owned América Móvil’s proposed bid for the 70% of the operator that it does not already own. 

América Móvil unveiled its takeover plans at the end of last week. The foundation, set up at the time of KPN’s privatisation, said América Móvil had not made its plans for KPN clear. Analysts have speculated that the bid may be motivated by a desire to thwart KPN’s proposed sale of its German mobile subsidiary E-Plus to América Móvil’s Spanish rival Telefónica.

The KPN Foundation has not yet moved to block the €7.2 billion takeover, though it has the power to do so by acquiring KPN preference shares. América Móvil has yet to declare which way it will vote on the sale of E-Plus.