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Slim has built a stake of just under 30 percent of KPN via America Movil over the past two years. Following KPN's initial plan to sell E-Plus, Slim launched a bid to acquire the 70 percent of KPN he doesn't already own for 2.40 euros per share, or 7.2 billion euros. At the time, Slim didn't disclose whether he would support or oppose the E-Plus sale, and many interpreted the move as a hostile takeover bid and a way to block the Telefonica deal. In its statement Monday, Movil said it would "investigate expansion investments that will differentiate KPN as a leading telecom service provider in its home markets." It added that if fewer than 95 percent of KPN shareholders tender shares to its offer, it will maintain KPN's Dutch stock market listing and guarantee minority shareholders' rights. KPN's boards have yet to issue an opinion on Movil's offer but analysts said Monday's statement from the Mexican company addressed several concerns raised by the KPN Foundation
-- a company institution common in the Netherlands which has the power to issue extra shares to thwart unwanted takeovers. Shares in KPN were trading at 2.33 euros Monday, slightly under Movil's offer price.
[Associated
Press;
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