Dutch telecoms KPN drops planned sale of subsidiary

Dutch telecoms operator KPN said Wednesday it would not go ahead with the sale of its Belgian mobile unit BASE because the offers it had received were “unsatisfactory”.

“Royal KPN N.V. announces today that it has discontinued the sale process of KPN Group Belgium. Current difficult financial market conditions are reflected in unsatisfactory non-binding offers for BASE,” the company said in a statement.

Although it did not say how much it wanted for BASE, when KPN first said it was considering a possible sale in April, local media reports said it was looking at a figure of around 1.8 billion euros ($2.2 billion).