KPN shares open 4.7 pct lower after foundation moves to block Slim bid
BRUSSELS Aug 30 (Reuters) - Shares of Dutch telecoms group KPN opened 4.7 percent lower on Friday, after an independent foundation tasked with protecting the group's interests moved to block Carlos Slim's proposed 7.2 billion-euro ($9.52-billion) takeover bid.
Slim's America Movil already holds nearly 30 percent of KPN and offered 2.4 euros per share to buy out the rest of the company earlier this month.
"We would expect the shares to retrace to 2.10 euros were AMX to remove its bid," analysts at Nomura said in a note to clients.
At 0705 GMT KPN's shares were 4 percent lower at 2.19 euros.
- Target holiday cyber breach hits 40 million payment cards
- Housing, jobs data weaken, but overall economic picture still upbeat
- UPDATE 3-Saab wins Brazil jet deal after NSA spying sours Boeing bid
- Zuckerberg to sell Facebook shares worth about $2.3 billion
- Special Report: Why Ukraine spurned the EU and embraced Russia