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20 February 2013
América Móvil, KPN’s largest shareholder, has agreed to support the Dutch telco’s bid to raise €4 billion in equity capital.
The Latam telecoms group said it will approve the bid
subject to the appointment of two individuals it designates to
KPN's supervisory board, among other conditions.
These will be put before a general meeting of
América Móvil has hired Bank of America to sell a portion of its Mexican assets, as it attempts to comply with new regulations.
AT&T is reportedly open to making an acquisition in Mexico as América Móvil chief Carlos Slim prepares to divest some of his assets in the country.
The Mexican government finalised its revolutionary telecoms reforms in mid-July, and the overhaul is expected to put an end to América Móvil’s dominant position in the market.
Dutch telecoms group KPN has reported better-than-expected Q2 core profits after the company’s cost-cutting plan made up for poor results in most of its units.
Mexican billionaire Carlos Slim has acquired AT&T’s stake in his own Latin American telecoms firm, América Móvil.
América Móvil has claimed that Mexico’s revolutionary telecoms reforms are already beginning to take its toll, after the company revealed a slightly poorer performance than predicted in its core market.