REFILE-UPDATE 2-Two America Movil executives nominated to KPN board
AMSTERDAM, Feb 27 (Reuters) - Dutch telecom KPN on Wednesday said two top executives from Mexico's America Movil, which holds an almost 30 percent stake in KPN, have been nominated to its supervisory board. America Movil Chief Financial Officer Carlos Garcia Moreno and Chief Operating Officer Oscar von Hauske were nominated to KPN's eight-member supervisory board, KPN said in a statement. The two appointments were proposed by the KPN supervisory board itself and will be voted on at the Dutch company's annual general shareholders' meeting on April 13. The appointments are likely to be approved as America Movil has de facto control of KPN due to traditionally low turnout at the Dutch company's shareholder meetings. America Movil, Latin America's largest phone company, last week agreed to up its investment in KPN as part of that company's 4 billion euro capital raise. At the same time, the two companies agreed that America Movil would take the two seats on KPN's supervisory board. KPN said four members of its existing supervisory board will step down, although two of those members are available for reelection. Shares in America Movil, which is controlled by the world's richest man Carlos Slim and his family, have fallen almost 15 percent since the company reported a weak fourth-quarter profit on Feb. 12, hurt by foreign exchange losses tied to the drop in value of its KPN stake. KPN shares have declined around 65 percent since America Movil started building up a 29.77 percent stake last June. A similar acquisition of stock in Telekom Austria by America Movil is also under water. The recent foray into Europe by America Movil was a mistake, veteran emerging market investor Mark Mobius, chairman of investment manager Franklin Templeton's emerging market group, told reporters on Wednesday. Investors broadly say the company has not clearly explained its European investment strategy. America Movil shares were down 1.1 percent at 13.45 pesos.
- Moscow fights back after sanctions; battle rages near Ukraine crash site
- Carnage at U.N. school as Israel pounds Gaza Strip |
- U.S. economy bounces back in second quarter |
- EU and U.S. announce new sanctions on Russia over Ukraine |
- Obama says strains over Ukraine not leading to new Cold War with Russia