Netherlands-based telecommunications firm Koninklijke (KPN) said it would meet with its shareholders to vote on the proposal to sell E-Plus. The group said that shareholders had already been invited to the meeting scheduled this October 2. E-Plus is KPN's prized mobile telecommunications operator in Germany. It is also the third largest in the country, after Deutsche Telekom and Vodafone.
In July, KPN said it would be selling its German unit to Telefonica, a Spanish telecommunications and broadband provider. The deal would be worth EUR 8.1 billion or USD 11 billion to be paid in cash and shares. If the sale goes through, Telefonica would be better able to challenge the top two companies for Germany's revenue in mobile services. Reuters reported that Telefonica would then hold a 30% share, closer to the 35% share each held by Deutsche Telekom and Vodafone.
Meanwhile, Carlos Slim's America Movil said it was still evaluating whether it would support the sale. America Movil also made a bid for the 70% share in KPN that it does not yet own but KPN's foundation questioned his intentions.
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