BUSINESS

Telefónica’s E-Plus deal in the air after Slim’s KPN bid

Mexican tables full offer for Dutch company as Spain’s Ibex 35 index hits highest level in 18 months

Mexican magnate Carlos Slim’s América Móvil telecoms operator on Friday tabled a full takeover bid for KPN in a move that could scupper Spanish telecoms giant Telefónica’s agreed deal to acquire the Dutch company’s German unit E-Plus.

América Móvil is keeping its cards hidden about whether it will sanction the sale of E-Plus to Telefónica, its major rival in Latin America, for 8.1 billion euros in cash and shares. Slim’s company is offering to buy the 70-percent stake in KPN for 7.2 billion euros, a 20 percent premium to its closing market value on Thursday.

The news emerged as the Spanish blue-chip Ibex 35 index closed above 8,735 points, its highest level in 18 months.

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