KPN says America Movil cancels agreements, can up stake in KPN

AMSTERDAM, July 29 Mon Jul 29, 2013 1:37am EDT

AMSTERDAM, July 29 (Reuters) - Dutch telecoms group KPN's main shareholder America Movil has ended a cooperation deal between the two firms as well as a second "standstill" agreement whose cancellation would allow the Mexican company to increase its KPN stake to more than 30 percent, KPN said on Monday.

America Movil has been considering whether to back KPN's proposed sale of KPN's German unit to Spain's Telefonica , a major rival of America Movil in Latin America.