Dutch KPN may sell its German unit

Dutch KPN may sell its German unit

AMSTERDAM - The Associated Press
Dutch KPN may sell its German unit

A KPN shop is seen in the Bartiljorisstreet in Haarlem Holland on May 31. REUTERS photo

Dutch telephone company Royal KPN NV says it is considering selling one of its most desirable assets, its German mobile telephony arm E-Plus, to thwart a hostile bid by Mexican operator America Movil for a minority stake in KPN.

Movil, controlled by billionaire Carlos Slim, has offered $9.90 per share for enough KPN shares to give it a stake of just under 30 percent” the threshold at which it must by Dutch law launch a full takeover bid.

KPN’s management said June 1 that it advises investors not to accept the Movil bid, dismissing it as too low and “opportunistic.” KPN said it is considering selling E-Plus, the third largest mobile operator in Germany.

Shares in KPN, which employs 31,000 people, were up 0.43 percent to 7.98 euros on the Amsterdam Stock Exchange shortly after opening on the morning of June 1.

In March, Slim, 72, topped the Forbes list of wealthy individuals for a third consecutive year with a personal fortune of $69 billion.