KPN Stock Jumps on Report AT&T Seeks European Takeovers
Royal KPN NV (KPN), the Dutch phone company partly owned by Carlos Slim’s America Movil SAB (AMX), rose to the highest level in a month in Amsterdam after the Wall Street Journal reported AT&T Inc. is looking at takeovers in Europe.
KPN gained 4.5 percent to 4.44 euros in Amsterdam trading at double its average volume over the last three months. The Hague-based KPN has lost about 49 percent in the past 12 months, valuing it at 6.36 billion euros ($8.5 billion).
AT&T, the second-largest U.S. wireless carrier, is studying takeover targets and a deal may be reached before the end of the year, the Wall Street Journal said, citing unidentified people with knowledge of the matter. Carriers that Dallas-based AT&T is considering include KPN and EE, the U.K. wireless venture between Deutsche Telekom AG (DTE) and France Telecom SA (FTE), the people said, according to the newspaper.
“We never comment on market rumors,” Stefan Simons, a spokesman for KPN, said by telephone. AT&T spokeswoman Roberta Thomson declined to comment on the Wall Street Journal report.
KPN is 28 percent-owned by Mexico City-based America Movil as part of a strategy by Slim, the world’s richest man, to move into Europe, where the sovereign-debt crisis and recessions have reduced phone company valuations. AT&T owns 9 percent of America Movil.
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