Slim hits out at “low” bid for E-Plus

25 July 2013 | Natasha Culzac


Billionaire Carlos Slim has claimed Telefónica Deutschland’s bid to acquire KPN’s German subsidiary E-Plus is too low.

Slim, who owns a 30% stake in KPN, has however backed the move “in principle”, but felt the €8.1 billion bid undervalued the company.

The Financial Times claims Slim views the price as the main obstruction to the proposed deal.

Two KPN directors assigned to vote on the deal by AMX (America Movil, Slim’s overarching telecoms company) rejected the latest bid of €8.1 billion, a figure that is considered by industry insiders as being relatively high.

The merger, which had been tentatively approved earlier this month, will make the resulting entity the biggest mobile operator in Germany. KPN’s chief executive, Eelco Blok said at the time: “The opportunity to unlock significant value in Germany by selling E-Plus is clear and compelling.”