America Movil Says It Will Not Launch Intended KPN Offer - Quick Facts

(RTTNews) - America Movil, S.A.B. de C.V. (AMX, AMOV) Wednesday said it will not launch the intended offer to acquire majority stake in Koninklijke KPN N.V., for an all-cash consideration of 2.40 euro per share.

The company today received approval from The Netherlands Authority for the Financial Markets for its offer memorandum.

After review of the KPN Foundation's position and the discussions, AMX has concluded that it will not be able to acquire more than 50 percent of the voting rights in KPN, which is essential to achieve the rationale and objectives of the Intended Offer.

As per the agreement, announced on August 9, the rationale of the Intended Offer is to acquire a majority stake in KPN, so that both companies can benefit from greater operational cooperation and co-ordination.

The Stichting Preferente Aandelen B KPN, as of now, has a 50 percent minus one voting interest in the capital of KPN.