The main mistake of some posts in this forum is an (implicit) assumption that CS "likes" to make huge "paper losses"..... in order to buy the rest of kpn cheaper. All chain of events shows that it is NOT the case .... Till now there was NO any “realistic” indication for any serious attempt to take kpn over..... However, any price-drop makes CS a bit more “poor", indeed ...... (sure, in sense of "paper losses") So, it's NOT his objective to push down .... as he cannot (and is NOT going to) buy 100%
Remember, because of several objective reasons CS cannot buy 100% kpn (at least, at this point in time) and he knows this very well... So, on the one hand, he does NOT need to push down, and on the other hand, he does NOT need to get out ..... Actually at current prices it does NOT make any sense..... His objective is Europe, but not huge real losses.... as for the "paper losses" he does NOT care too much
So, the best strategy for investors in current circumstances is to follow your main shareholder.