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KPN and América Móvil Still in Talks

KPN statement

LONDON - Carlos Slim Helú still has his sights set on Europe.

América Móvil, the Latin American telecommunications giant owned by Mr. Slim, confirmed on Thursday that it remained in talks with the Dutch cellphone company KPN about a potential bid worth 7.2 billion euros, or $9.6 billion.

The continuing discussions come after América Móvil’s announcement in late August that it was considering dropping its offer for KPN after an independent foundation connected to the Dutch company said it planned to block the takeover.

The acquisition of KPN, the former Dutch mobile phone monopoly, would be América Móvil’s largest foray into Europe and would play into a spate of deal-making in the Continent’s cellphone and cable industries.

América Móvil already owns a stake of just less than 30 percent in KPN.

The potential takeover offer, which would pay KPN investors 2.40 euros for each of their shares, comes after Vodafone sold its 45 percent stake in Verizon Wireless to its United States partner, Verizon Communications, for $130 billion. European and international buyers have also acquired a number of local cellphone and cable assets.

The deal for KPN, however, has faced vocal opposition from a foundation that has the right to buy preferred shares that would give it just less than 50 percent of the voting rights in the company.

In late August, the foundation said that América Móvil had not outlined its plans sufficiently to the KPN board and that it was concerned about the rights of minority shareholders and the effect of the deal on KPN’s employees.

In response, América Móvil said it was considering walking away from the deal, adding on Thursday that it was still committed to the original plan to buy KPN for 7.2 billion euros. Analysts say, however, that América Móvil may have to increase its offer to convince KPN investors to back the takeover bid.

“América Móvil continues to carefully evaluate all options available to it,” the company said in a statement on Thursday.

KPN, whose chief financial officer, Eric Hageman, unexpectedly resigned earlier this week for personal reasons, said it was still in discussions about the prospective takeover, though the outcome of the discussions were not guaranteed.

“We are carefully considering and weighing the interests of our shareholders, employees, customers and other stakeholders on financial and non-financial matters including safeguarding the vital role of KPN in Dutch society,” KPN’s chief executive, Eelco Blok, said in a statement on Thursday.

Shares in the Dutch company rose 1.7 percent in afternoon trading in Amsterdam on Thursday.

Mr. Slim owns about a 13 percent stake in The New York Times Company.