May 8, 2012 / 7:27 AM / 7 years ago

America Movil CFO sees KPN as long-term investment

AMSTERDAM, May 8 (Reuters) - America Movil, the telecoms giant controlled by Mexican tycoon Carlos Slim, sees Dutch telecoms firm KPN as a long-term investment that provides a closer look at European markets, its chief financial officer said.

America Movil said on Monday it planned to acquire up to 28 percent of KPN.

“América Móvil is a long-term investor, we think if the company (KPN) executes well, it will perform well. It’s a company that should benefit for the long term,” Carlos Garcia Moreno, CFO of América Móvil, said on a conference call to journalists on Tuesday.

Moreno said it was too early to say America Movil would do any other deals in Europe.

“KPN is the target for our first investment. Europe is facing some times which are economically challenging. We have a long-term investment horizon. We’ve taken our time. This one seems to make a lot of sense,” he told reporters.

“The company (KPN) is a solid company, in the long term a good return on investment. This is a market we do not know. being closer to the action through the likes of KPN can give a better view for us. KPN will allow us a closer look at the action in Europe.”

Moreno said the Mexican company had few opportunities to expand in its home region of Latin America, adding that Europe appeared attractive because of a similar cultural identity.

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