B_B schreef op 21 augustus 2013 23:40:
KPN urges shareholders to back Telefonica deal
Brussels, Aug 21 (EFE).- The board of directors of Dutch telecoms group KPN on Wednesday urged shareholders to approve the sale of the company's German mobile unit, E-Plus, to Spain's Telefonica at an extraordinary meeting on Oct. 2.
KPN's board "fully and unequivocally recommends that shareholders vote to approve" the deal, in which the Dutch company would receive 5 billion euros in cash for the sale of E-Plus and a 17.6 percent stake in Telefonica Deutschland, which owns the O2 mobile brand in Germany.
KPN is seeking to ensure than America Movil, which currently owns 29.8 percent in the Dutch telecom but wants to acquire a controlling stake, does not have time to interfere with the Telefonica deal.
The Mexico City-based company, controlled by multi-billionaire Carlos Slim, reportedly opposes the possible sale of E-Plus to Telefonica - America Movil's arch-rival in the Americas - because it would reduce KPN's growth potential in Europe.
KPN has said that only those holding the company's shares on Sept. 4 would be able to vote at the meeting. Since America Movil still would have less than 30 percent of the company at that time, it would not have a large enough voting share to block the deal.
When America Movil announced on Aug. 9 its plans to acquire the stake in KPN it did not already own for 2.40 euros per share (or roughly $7.2 billion), the market interpreted the bid as a strategy for blocking the sale of E-Plus.
The Mexican telecoms giant, meanwhile, announced Wednesday that it had secured the necessary financing to purchase the remaining stake in KPN.
Analysts consulted by Efe said the restrictions put in place for the shareholders meeting bode well for the finalization of the Telefonica deal, although they added that some uncertainties remained, including the position of regulators in Germany.
Nevertheless, nothing would seemingly impede Slim, were he to eventually succeed in acquiring more than 50 percent of KPN, from calling another shareholders meeting at a later date and reversing the decision adopted on Oct. 2.www.laprensasa.com/309_america-in-eng...