Reuters: Global Markets: KPN shares drop after Slim takes 21 percent

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KPN shares drop after Slim takes 21 percent Jun 22nd 2012, 08:20 AMSTERDAM | Fri Jun 22, 2012 4:20am EDT AMSTERDAM (Reuters) - KPN (KPN.AS) shares fell almost 5 percent on Friday as investors dumped stock after Mexican billionaire Carlos Slim's telecom group America Movil (AMXL.MX) increased its stake in the Dutch company to 21 percent, part of a strategy to increase Slim's presence in Europe. Slim's America Movil, which has already obtained a stake in Telekom Austria (TELA.VI), increased its KPN ownership to 21 percent on Thursday and has said it wants to obtain a maximum of 27.7 percent. By keeping below 30 percent, Slim avoids having to make a bid for the whole of KPN, as Dutch law requires. "The stake he bought on Thursday is a sledgehammer blow to KPN. His bid is for 8 euros per KPN share. He can still buy a further 7 percent on the market," said asset manager Ed Manie of Dutch brokerage and fund management firm Keijser Capital. "It would not surprise me if he cancels his bid. That's why there's an exodus of KPN investors," said Manie, adding his firm had sold all its KPN shares. KPN shares fell to a six-week low, losing as much as 6.5 percent, and traded down 4.5 percent a 7.14 euros by 0804 GMT.

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