Carlos Slim bids for Dutch telecom KPN

Slim's America Movil to launch bid for KPN valuing the company at around $13.4 billion

Associated Press

AMSTERDAM (AP) -- America Movil SAB, owned by Mexican billionaire Carlos Slim, says it will launch a bid for the 70 percent of Dutch telecom company Royal KPN NV it doesn't already own.

The 2.40 euros per share bid represents a 20 percent premium to Thursday's closing price, and values the part of KPN that Movil doesn't already own at 7.2 billion euros ($9.6 billion) and the whole company at around 10.3 billion euros ($13.4 billion). The bid is far above the 1.60 euros shares were trading at in mid-July before Telefonica Deutschland announced plans to buy KPN's prized possession, its E-Plus unit, the third-largest mobile company in Germany, for around 5 billion euros worth of cash and shares.

KPN spokesman Ward Snijders said Friday the company is "studying" the America Movil bid.

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