Takeover of e-plus by telefonica: shareholders meet

takeover of e-plus by telefonica: shareholders meet

An telefonica O2 jerks closer. On wednesday, the dutch parent company KPN invited the company’s shareholders to an annual general meeting on 2 january. October convened. Only shareholders who held shares on september 4 after the close of. KPN announced on wednesday that only shareholders who held shares in the company after the close of trading on september 4 were entitled to vote.

The company is clearly indicating that it intends to undermine the plans of mexican billionaire and major shareholder carlos slim, who holds a 30 percent stake in KPN and is critical of the sale.

Apparently slim’s mobile communications company america movil is preparing a majority takeover of KPN. America movil has secured financing to acquire all outstanding shares, the mobile phone company said. On wednesday, the company planned to submit the offer to the dutch financial regulator for approval.

Whether slim will succeed in acquiring further blocks of shares from KPN by the 4. Bringing september under his control unlikely due to time constraints. But even with its current 30 percent stake, it could block the sale of E-plus once and for all at the annual general meeting if its participation was correspondingly low. Slim’s motives remain unclear. It could be, for example, that he is trying to drive up the price of E-plus, the pearl of earnings, in this way.

Competition authorities also blow wind in the companies’ faces. The federal cartel office announced that it would review the takeover. The e-plus deal narrowed the german mobile communications market from four to three providers. "That such a merger had significant consequences for competition and must be carefully examined in all its facets is obvious," antitrust chief andreas mundt told the "frankfurter allgemeine zeitung" (wednesday).

At the end of july, KPN announced its intention to sell its german subsidiary to competitor telefonica deutschland for 8.1 billion euros. The merger of the third- and fourth-largest operators is the largest takeover in the german mobile market to date. With more than 40 million customers, the companies clearly outstripped the previous industry giants deutsche telekom and vodafone.

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