Tags: KPN | Carlos Slim | takeover | union

KPN Employee Council Wants Lawmakers to Block Carlos Slim's Bid

Thursday, 29 Aug 2013 12:29 PM

Royal KPN NV’s works council wants the government and lawmakers in the Netherlands to help block a takeover by Carlos Slim’s America Movil SAB saying it fears for the Dutch operator’s continuity and its employees.

“We call upon the cabinet and parliament to help prevent this takeover by using your influence and drafting protective legislation,” the council said an in e-mailed statement. The workers organization will use all the influence it has to keep KPN an independent Dutch company, it said.

The statement comes a day after union delegates met with America Movil Chief Executive Officer Daniel Hajj in The Hague. The unions received a guarantee KPN’s strategy will be continued, Joost van Herpen, a delegate for the Abvakabo union, said yesterday. The unions also wanted solid assurances from America Movil for the future of its employees.

America Movil’s support for the sale of KPN’s E-Plus unit to Telefonica Deutschland Holding AG has boosted the chance its separate 7.2 billion-euro ($9.5 billion) takeover bid for the Dutch telephone company will be completed. America Movil is offering 2.40 euros a share to raise its 30 percent stake in KPN to more than 50 percent. The independent foundation that has the power to defend the carrier from a takeover hasn’t issued a statement following Slim’s announcement supporting the E-Plus sale.

KPN shares closed down 0.7 percent at 2.29 euros today.

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Royal KPN NV's works council wants the government and lawmakers in the Netherlands to help block a takeover by Carlos Slim's America Movil SAB saying it fears for the Dutch operator's continuity and its employees.
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Thursday, 29 Aug 2013 12:29 PM
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