KPN foundation wants America Movil to make "fair bid"

BRUSSELS Fri Aug 30, 2013 5:59am EDT

BRUSSELS Aug 30 (Reuters) - The independent foundation tasked with protecting the interests of KPN stakeholders said it expected America Movil to make a fair bid for the group and install good corporate governance.

Late on Thursday, the foundation exercised an option to buy shares that would give it almost 50 percent of KPN's voting stock, temporarily blocking the Mexican group's 7.2 billion euros ($9.52 billion) bid.

The foundation said it could in theory maintain such a blocking move for up to two years, according to Dutch law, the foundation said in a press conference on Friday.