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Foundation moves to freeze Slim's KPN takeover

Thursday - 8/29/2013, 6:15pm  ET

AMSTERDAM (AP) -- Carlos Slim's bid to take over Dutch telecom Royal KPN NV has been thrown into doubt, as the KPN foundation set up to safeguard the company's interests said late Thursday it would issue shares to prevent what it termed a hostile takeover -- for the time being.

The Mexican billionaire this month offered to acquire the 70 percent of KPN he doesn't already own for 2.40 euros per share, or 7.2 billion ($9.5 billion), via his flagship company, America Movil.

KPN's boards have not endorsed the offer. The foundation said it will exercise a right it holds under KPN's charter to issue new preference shares with voting rights worth 49.9 percent of the total, to protect other shareholders' position. It asked Slim to enter talks with the boards.


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