Telefonica wins support for takeover of German mobile operator E-Plus
AFPMADRID -- Spanish giant Telefonica said Monday it had secured critical support in a sweetened takeover bid worth 8.55 billion euros (US$11.4 billion) for German mobile operator E-Plus.
August 27, 2013, 12:39 am TWN
Telefonica said it had won backing for its improved bid from Mexican billionaire Carlos Slim's group America Movil, which is the main shareholder of E-Plus' parent, the leading Dutch telecommunications firm KPN.
“With this agreement, Telefonica comes close to the objectives announced at the end of July in reference to becoming Europe's second largest operator,” the Spanish group said in a statement.
If approved by regulators and shareholders in KPN and Telefonica Deutschland, the takeover would create a major player in Germany with 43 million mobile customer and combined revenues of 8.6 billion euros, it said.
America Movil, which holds 29.77 percent of KPN and has announced plans to take over the group, gave an “irrevocable commitment” to vote for the Telefonica bid for E-Plus in a KPN shareholders meeting to be held October 2, KPN said in a separate statement.