AMSTERDAM Aug 14 An independent foundation
which has the power to block a takeover of Dutch telecoms group
KPN has expressed its concern over the proposed 7.2
billion euros ($9.6 billion) offer by Mexican billionaire Carlos
Slim's America Movil.
America Movil (AMX) said on Friday it would make a public
offer for the 70 percent of KPN that it does not already own.
The proposed bid poses a challenge to its arch-rival, Spain's
Telefonica, which made an $11 billion offer last month
to buy KPN's crown jewel, German E-Plus.
"There is considerable uncertainty about América Móvil's
intentions," the foundation said late on Tuesday, citing AMX's
brief announcement that it intends to make an offer and the lack
of information about its position on KPN, "including KPN's
intention to sell its German subsidiary E-Plus."
Foundations, a common and independent element in many Dutch
companies, can block hostile takeovers in the Netherlands, and
the statement from the KPN foundation is the first sign that it
may be considering this tactic for the Dutch telecoms group.
The foundation said it was set up "to represent the
interests of KPN, its associated entities and its stakeholders,
in part by protecting KPN as much as possible from influences
that might threaten the continuity, independence or identity of
Carlos García Moreno, America Movil's chief financial
officer, this week told Dutch media that the Mexican group wants
to "unlock value" at KPN and is not just interested in E-Plus.