KPN bid launched by America Movil

<p>America Movil has launched a bid for KPN.</p>

America Movil has confirmed it has made an offer for the 70 per cent it does not currently own of the Dutch telecoms firm KPN.

The bid comes just a short time after last month's offer from Telefonica for KPN's German arm E-Plus, reports BBC News.

E-Plus currently has a 15 per cent stake in the German mobile market and the original offer had won the approval of the KPN management.

America Movil, which is the largest mobile phone operator in Latin America and is owned by the world's richest man Carlos Slim, has offered 2.40 euros-a-share.

The bid is 20 per cent above Thursday's (August 8th's) closing share price for KPN.

America Movil said in a statement: "The offer price shall be reduced by the per share amount of any dividends or other distributions paid or declared by Koninklijke KPN NV following the date hereof and prior to the settlement of the offer."

The share price of KPN has risen by more than 16 per cent in the wake of the offer being revealed by America Movil.

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