KPN Scraps Dividend to Finance Purchase of Mobile-Phone Spectrum
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Royal KPN NV, the Dutch phone company partly owned by Carlos Slim’s America Movil SAB, cut its dividend as it spent 1.35 billion euros ($1.8 billion) to buy frequencies for faster mobile networks.
KPN will not pay a final dividend for 2012, after its 12-cent interim dividend, and 3 cents per share for 2013, the company said yesterday in a statement. That compares with a previous plan to pay 35 cents a share for this year and at least the same amount for next year. KPN also sold its Spanish Simyo operator to France Telecom SA to raise cash.