America Movil (AM), the single largest shareholder in Dutch telecoms group KPN Telecom (also known as Royal KPN), has reportedly cancelled an agreement which limited its holding to below 30%, suggesting it may launch a bid for control of the company. Reuters reports that AM, controlled by the billionaire Carlos Slim, was entitled to annul the so-called ‘standstill’ agreement after Telefonica of Spain launched a USD10.7 billion bid for control of KPN’s German mobile unit E-Plus, the Dutch company said today. Slim’s company is still considering whether or not to back the plan to sell E-Plus – seen by some as the jewel in KPN’s crown – although it is clear that AM has lost up to USD2.65 billion on its KPN investment since last year. The Mexican group is remaining tight-lipped on the suggestion it intends to trigger a mandatory buyout by breaking the 30% limit for that to happen.
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