Telefonica says maintaining offer for KPN's E-Plus

9th August 2013, Comments 0 comments

Spanish telecoms firm Telefonica said Friday it will maintain its offer to buy KPN's German business E-Plus under the terms it announced last month after Mexico's America Movil launched a takeover bid for KPN.

"Telefonica confirms that it maintains its offer to buy E-Plus under the terms already announced and considers it definitive," the company said in a statement.

America Movil -- Telefonica's biggest rival in Latin America -- on Friday launched an offer to purchase all shares of Dutch telecom group KPN at 2.40 euros per share, an offer that values the company at 10.2 billion euros ($13.6 billion)

The company, owned by the world's richest man Carlos Slim, already owns 30 percent of KPN.

America Movil's bid is seen as a challenge to last month's offer from Telefonica for E-Plus.

KPN announced on July 23 that it had agreed to sell E-Plus to Telefonica for 5.0 billion euros in cash and a 17.6-percent stake in Telefonica Deutschland.

The deal still must be approved by shareholders at an extraordinary general assembly which is expected to take place in "the coming" weeks according to the Dutch telecom group.

"America Movil is evaluating with attention the merits of the proposed transaction and will determine how it will use its voting rights at the next KPN general assembly," the Mexican company said in a statement.

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© 2013 AFP

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