* KPN holds EGM over German unit sale on Oct 2
* America Movil holds 30 percent in KPN
BRUSSELS Aug 21 Mexican telecoms group America
Movil said it has put in place financing to buy the
rest of Dutch group KPN even though its offer may be
too late to influence the sale of KPN's German unit in October.
The Mexican group controlled by billionaire Carlos Slim made
the offer weeks after KPN announced it would sell E-Plus to
Spain's Telefonica for 8.1 billion euros ($11 billion)
in cash and shares, disrupting America Movil's foray into
People close to the matter said at the time that Slim's
company, which already owns close to 30 percent in KPN, viewed
the offer as too low and fraught with regulatory risks.
Shortly after America Movil made its announcement on
Wednesday, KPN said it would convene a shareholders meeting on
Oct. 2 to vote on the E-Plus sale.
KPN's shares rose as much as 3.35 percent on Wednesday,
making them one of the strongest performers on the FTSEurofirst
300 Index of leading European shares.
At 2.29 euros per share, they remained below the 2.40 euros
America Movil is bidding, indicating the market is not holding
out for a higher price.
While America Movil expects its offer to proceed in
September, it will not come soon enough to increase its holding
in KPN significantly ahead of the shareholders meeting.
KPN said that only those holding KPN shares as of Sept. 4
would be eligible to vote at the EGM.
Should America Movil breach the threshold of 30 percent by
other means than its voluntary offer, a judge could force it to
make a mandatory offer and pay a "reasonable price", according
to Dutch law.
Such a price is in theory the highest price a bidder has
paid in the year previous to the announcement of a mandatory
bid, Dutch market regulator AFM says on its website, adding that
this would have to be determined by a judge.
Determining such a price would be no easy task, as America
Movil offered 8 euros per share in May 2012 but shares fell to a
low of 1.38 euros just after KPN's rights issue in April 2013.
Even with its current stake of 30 percent, America Movil may
be able to block the deal, given the traditionally low turn out
at KPN's shareholders meetings.