Telefonica is willing to improve its offer by Germany's E-Plus (5,000 million) to block the threat of a takeover bid for KPN by Carlos Slim
The cracking of Carlos Slim against Telefonica deflates. No launch a takeover bid for Dutch KPN to prevent Telefónica agreement to stay with the German E-Plus. Behind the Mexican tycoon threat is an attempt to force the company headed by Cesar Alierta to submit a higher bid for E-Plus.
The operator America Movil (AMX), Mexican tycoon Carlos Slim, has ended this week with the agreement he had with the Dutch telecommunications operator KPN to not exceed 30% of its stake in the company.
The decision threatens the agreement between Telefonica and KPN, by which the Spanish multinational would acquire the German subsidiary E-Plus mobile as AMX could now make a bid for Dutch operator.
KPN and Telefonica announced recently that the Dutch sold its German subsidiary E-Plus mobile to Spanish by 5,000 million euros in cash and 17.6% of the shares of the company resulting from the union of Telefónica Deutschland and E -Plus.
The threat of takeover of Carlos Slim is deflated
According to the Confidential Digital has managed sector sources, the threat of Carlos Slim is not intended to present a bid for KPN, which is discarded by analysts because if America Movil continues to increase its debt, they would lower the rating agencies.
It is estimated that the debt deal would raise America Movil 3,000 million, compromising its objective of maintaining net financial debt / EBITDA at 1.4 times.
Forcing Telefónica to make an improved offer
Carlos Slim But if sought, according to sources, the Spanish multinational force to improve the offer by Germany's E-Plus.
Telefónica agreed purchase by 5,000 million euros, of which 4,140 million are in cash and the rest is divided into a share distribution by KPN will retain 17.6% of the new company and Telefónica with 65% .
In areas close to the company not ruled improve this offer to completely block a takeover by Mexican billionaire. Still, the price of Telefonica's offer leaves little room for improvement, incorporating synergies difficult to reach 5,000 million by Slim without similar asset in the German market.
ps door de vertaalcomputer gehaald , van spaans naar engels ;)