Slim secures financing for KPN bid

Carlos Slim’s America Movil has today announced that financing has been secured for its €7.2 billion takeover bid for KPN.

The company has entered into binding credit facilities with unnamed “reputable global financial institutions” according to a statement on its website, and will also submit an offer memorandum to the Netherlands Authority for the Financial Markets (AFM).

America Movil intends to publish an official offer memorandum once it has been approved by the AFM, and expects this to occur in September 2013.

The Latin American operator made a bid for the shares in KPN it does not already own in July this year, but, according to Reuters, its bid may be too late to influence the sale of KPN’s German unit, E-Plus, to Telefónica Deutschland which Slim slated for being too low a price.