News Column

Carlos Slim Bids on Telecom Giant KPN

August 9, 2013
carlos slim
Carlos Slim (file photo)

Mexican mogul Carlos Slim announced Friday an offer to takeover Dutch mobile phone giant Royal KPN, in an attempt to expand his telecom empire into Europe.

Slim's America Movil, headquartered in Mexico City, said in a statement that it plans to buy a majority stake in KPN for 2.40 euros per share. It already owns 30 per cent of the company.

America Movil has not signaled its support for KPN's recent decision to sell its German unit, the E-Plus mobile network, to Spain's Telefonica. Slim reportedly believes the 5-billion-euro (6.6-billion-dollar) asking price is too low.

Slim, 73, is the world's richest man, according to Forbes, with a fortune valued at 73 billion dollars. America Movil, the leading wireless provider in Latin America, is his most lucrative business.

In addition to KPN, the company also owns a 23 per cent stake in Telekom Austria.

Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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