Telefonica says America Movil to vote in favour of KPN's E-Plus deal

MADRID Mon Aug 26, 2013 1:59am EDT

MADRID Aug 26 (Reuters) - Spain's telecom giant Telefonica on Monday said America Movil, KPN's main shareholder, had given an irrevocable commitment to approve the sale of KPN's German subsidiary, E-Plus.

In a statement to the Spanish stock market regulator, Telefonica also said it had improved its offer for E-Plus, for which KPN will now receive 20.5 percent of Telefonica Deutschland instead of 17.6 percent previously.

Telefonica will sign an option to buy back 2.9 percent of its subsidiary after a year at a price of 510 million euros ($683.58 million).

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