America Movil to Back KPN’s German Sale After Bid Sweetened
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Telefonica SA, the carrier that’s trying to acquire Royal KPN NV’s German mobile-phone business, won the backing of the Dutch company’s biggest investor, Carlos Slim, after agreeing to sweeten its bid.
Slim’s America Movil SAB has given an “irrevocable commitment” to vote in favor of the sale of KPN’s E-Plus unit to Telefonica Deutschland Holding AG, KPN said today. The new terms, including KPN getting a bigger stake in the German entity than originally agreed, raise the transaction’s value to 8.55 billion euros ($11.4 billion) from 8.1 billion euros.