August 30, 2013 / 1:50 PM / 4 years ago

Shares in America Movil rise after raises doubt on bid for KPN

The logo of America Movil is seen on the wall of the reception area in the company's corporate offices in Mexico City February 13, 2013.Edgard Garrido

MEXICO CITY (Reuters) - Shares in Carlos Slim's telecoms giant America Movil (AMXL.MX) rose more than 1 percent at market opening on Friday after the firm threatened to abandon its 7.2 billion euro bid for Dutch group KPN (KPN.AS) due to resistance to its offer.

The KPN foundation, an independent group of former executives from Dutch companies, tasked with protecting the interests of KPN stakeholders, bought almost 50 percent of KPN's voting stock on Thursday, blocking the deal.

America Movil, which is sitting on a large paper loss after acquiring nearly 30 percent of KPN last year, said it remained committed to buying the company but could withdraw its bid if the foundation did not give up its opposition to its offer.

Reporting by Dave Graham

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