KPN shares open 4.7 pct lower after foundation moves to block Slim bid

BRUSSELS Fri Aug 30, 2013 3:05am EDT

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.