Carlos Slim’s America Movil has made a €7.2 billion bid for the 70 per cent of Dutch telecoms group KPN it does not own, challenging Telefonica’s attempt to buy KPN’s German business.
Telefonica last month made an $11 billion offer to buy KPN’s crown jewel, Germany’s E-Plus, disrupting America Movil’s expensive – and on paper currently loss making – foray into Europe.
America Movil and Telefonica together control about 60 per cent of mobile phone business in Latin America. The Mexican firm’s surprise move to buy stakes in KPN and Telekom Austria brought their rivalry to Europe to the for.
America Movil has not expressed an opinion on Telefonica’s bid for E-Plus, which is backed by KPN’s board.
Telefonica wants E-Plus to strengthen its challenge to market leaders Deutsche Telekom and Vodafone in Germany, Europe’s biggest economy.