Carlos Slim gives up on KPN
Oct 17, 2013
Carlos Slim has decided to give up on his €7.2 billion bid for KPN of the Netherlands after the arrival of a "poisoned pill" from the independent 'KPN Foundation', set up to protect KPN shareholders' interests (see - KPN board dithers whilst Slim buys shares behind its back).
The foundation acquired just under 50 per cent of KPN's shares, effectively stopping Slim's América Móvil from seeing through its bid and making a final offer to shareholders.
Although the foundation's move appears to have been designed to screw a better offer out of Slim, rather than playing that game the Mexican tycoon has decided enough isenough and has withdrawn his bid. According to the Financial Times, the word is that Slim is now turning his guns to a collaboration with AT&T in Latin America.
But Slim is, for the time being, keeping his options open on his existing 30 per cent share in KPN with a spokesman saying América Móvil could keep it, sell it, or even increase it.
Or it could wait and have another tilt at the KPN windmills at a later date.
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