AMSTERDAM, Aug 14 (Reuters) - 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 KPN entities.”
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.