KPN in talks with América Movil over takeover bid

KPN in talks with América Movil over takeover bid

Dutch operator KPN has told reporters that it is discussing América Movil’s €7.2 billion takeover offer and a deal could be close.

No details regarding timing or specific issues were revealed, but KPN has indicated that negations are underway, the Financial Times reports.

The news follows reports earlier this week that KPN’s CFO resigned as a result of América Movil’s intervention, and reaffirms some security for the company.

The offer has come up against resistance from the KPN Foundation, which earlier this month effectively blocked América Movil’s bid, as well as the KPN board, which advised against it.

América Movil, however, issued a statement confirming that it stands by its offer, which, paired with the confirmed discussions, suggests a more amenable relationship between the two companies than first thought.

Gift this article