Deals
America Movil Moves to Cut KPN Stake With Convertible Bond
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America Movil SAB is offering 2.25 billion euros ($2.5 billion) of bonds that can be converted into shares of Royal KPN NV, two years after billionaire Carlos Slim’s failed bid to take over the largest Dutch phone company.
The sale of bonds that mature in five years has a so-called upsize option of 250 million euros, and the exchange premium will be 40 percent to 45 percent more than a reference price to be set on Wednesday, America Movil said in a statement. KPN shares fell 3 percent to 3.38 euros at 10:15 a.m. in Amsterdam, valuing the company at 14.4 billion euros.