October 16, 2013 / 4:41 PM / 6 years ago

Mexico's America Movil says won't proceed with KPN offer

MEXICO CITY, Oct 16 (Reuters) - Telecoms giant America Movil said on Wednesday it would not proceed with a plan to boost its stake in KPN after the Dutch telecom’s foundation blocked its bid, sending shares in the Mexican company soaring.

America Movil, controlled by billionaire Carlos Slim, owned nearly 30 percent of KPN until the foundation exercised an option to give itself about 50 percent of voting stock.

Shares in America Movil rose more than 6 percent following the news, before easing to trade 4.27 percent firmer at 14.17 pesos a share.

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