America Movil says undecided on whether to sell more KPN shares

MEXICO CITY Wed Feb 12, 2014 11:53am EST

MEXICO CITY Feb 12 (Reuters) - America Movil Chief Executive Daniel Hajj said on Wednesday that the company does not know if it will sell more shares in Dutch phone company KPN but it needs to maintain more than 20 percent if it wants to continue working with the company.

"We don't know if we're going to sell more or not, it depends a lot on what's happening on the markets," said Hajj.

"(At) more than 20 percent we have exactly the same rights within the company to still develop what we have been doing there," he added.

The company controlled by billionaire businessman Carlos Slim said earlier in the day it had lowered its stake to 27.1 percent from 29.8 percent.

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