In a statement issued on Thursday, Dutch telecoms company KPN said that the outcome of its latest talks with America Movil over the Mexican company's takeover bid were not clear.
KPN supervisory board chairman Jos Streppel added, "We understand there are many questions about the intended offer. We believe, however, it is important to conduct these discussions in confidence, and expect to provide more clarity at a later stage." Streppel also said that KPN was threading carefully with Movil's offer, and would take in consideration the interests of the Dutch company's shareholders, stakeholders, employees and customers. KPN would also take into account financial and non-financial matters, including its role as a public service provider, before it comes up with a decision.
American Movil has offered EUR7.2 billion or USD9.58 billion to purchase the remaining shares in KPN that the former does not own. Movil currently owns 30% in KPN.
The takeover bid came to a standstill when a KPN foundation formed when KPN was privatized took several actions to block the takeover. That same foundation exercised an option to award itself 50% of the Dutch company's voting stock in August. It has also moved the management to negotiate terms of the takeover bid with Movil.
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