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Dutch operator group KPN is holding an extraordinary general meeting for its shareholders to decide the fate of its German business unit E-Plus. In July, Telefónica Deutschland made a bid to acquire the unit for €5bn; a bid that was approved by KPN’s board.
August 22, 2013
Dutch operator group KPN is holding an extraordinary general meeting for its shareholders to decide the fate of its German business unit E-Plus.
In July, Telefónica Deutschland made a bid to acquire the unit for €5bn; a bid that was approved by KPN’s board, but is awaiting shareholder and regulatory approval.
However, earlier this month, Latin American operator group America Movil announced its intention to acquire all outstanding shares in KPN. The group already owns a 29.8 per cent stake in KPN and will therefore have significant influence over the outcome of the EGM. It has previously stated that it is “carefully evaluating the merits of the proposed transaction”.
If Telefonica wins shareholder approval, it stands to create the largest mobile operator by subscriber numbers in one of Europe’s strongest markets; the companies’ combined subscriber base would stand at 40.63 million, as of March 2013 according to Informa’s WCIS.
Deutsche Telekom is currently the market leader in Germany with 37 million subscribers. Vodafone, with its 29.17 million subscribers, is also looking to boost its presence in the country with the acquisition of Kabel Deutschland. Telefonica.
The extraordinary general meeting will be held on 2 October 2013. Holders of KPN shares on September 4, 2013, after close of trading on NYSE Euronext Amsterdam, will be considered as entitled to vote at the EGM.
The Broadband World Forum is taking place on the 22nd – 24th October 2013 at the RAI Exhibition and Convention Centre, Amsterdam. Click here to download a brochure for the event and here to register for a conference pass.
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