Slim’s America Movil Gets KPN Board Seats for Funding Pledge
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America Movil SAB, the mobile-phone carrier controlled by billionaire Carlos Slim, agreed to support Royal KPN NV’s 4 billion-euro ($5.4 billion) capital-raising plan in return for nominating two people to the Dutch carrier’s supervisory board.
America Movil will take part in a 3 billion-euro KPN share sale, while declining to participate in a 1 billion-euro sale of so-called hybrid instruments, the Mexico City-based company said today. KPN dropped to an 11-year low in Amsterdam trading on disappointment that Slim didn’t demand more changes and also agreed not to raise his stake beyond 30 percent.