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News Summary: Carlos Slim pulls KPN takeover bid

The Associated Press

NO DEAL: Mexican billionaire Carlos Slim walked away from a takeover bid for Dutch telecoms company Royal KPN NV.

TOUGH STANCE: The KPN Foundation, an independent body that oversees the company's interests, had branded as hostile Slim's offer of 7.2 billion euros ($9.8 billion) for the 70 percent stake he didn't already own. It blocked it by issuing new shares and told him to negotiate. Slim's America Movil said KPN's management demanded a higher bid as a prerequisite to talks.

STOCK FALLS: KPN shares fell after the deal collapsed in Amsterdam trading , but remained above their price from July, when Slim began his approach. The stock has lost more than 70 percent of its value since 2011. Customers with smartphones have been ditching KPN for cheaper Internet-based communications services.