KPN shareholders to vote on E-Plus sale

AP News
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Posted: Oct 02, 2013 8:31 AM

AMSTERDAM (AP) — Shareholders of Dutch telecom Royal KPN NV are set to vote Wednesday on the sale of the company's German mobile subsidiary E-Plus for $11.4 billion to Telefonica SA at a meeting that may be overshadowed by wider questions about KPN's fate.

Mexican billionaire Carlos Slim owns a stake of 30 percent in KPN via his company America Movil, and plans a takeover bid of 2.40 euros ($3.25) per share, or 7.2 billion euros, for the rest.

KPN's managers and board have not expressed an opinion about the offer, angering shareholders' rights groups. In addition, the independent KPN Foundation has branded Slim's takeover attempt as "hostile" and exercised an option to issue itself preference shares with a 49.9 percent voting right in KPN as a poison pill measure.