KPN holders back withdrawal of shares that helped block takeover

Reuters

BRUSSELS, Jan 10 (Reuters) - Shareholders of Dutch telecoms group KPN on Friday approved the withdrawal of preference shares which gave an independent foundation the power to fend off a bid by Mexican group America Movil.

In August the foundation, tasked with protecting the interests of KPN stakeholders, bought the preference shares that gave it almost 50 percent of KPN's voting stock, saying it wanted America Movil, owned by billionaire Carlos Slim, to make a fair offer for the group.

America Movil had offered 2.40 euros per share for the Dutch telecoms group and in October said it would not buy any more of the company when it could not reach a deal with KPN.

After the withdrawal of the preference shares, expected to take place in March, America Movil will once again have close to 30 percent of the voting rights in the Dutch company.

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