KPN rejects two foreign takeover proposals

It is certainly not the first time that KPN has rejected foreign advances.Image Dutch Height / ANP

A spokesman reported this on Sunday after reporting the Financial Times. According to the business newspaper, the investment funds EQT from Stockholm and New York’s Stonepeak would have jointly offered 18 billion euros, but KPN denies that there was a bid price or negotiations. In addition to Swedish / American interest, another party is said to be preying on the telecom company: the American KKR.

The takeover rumors had been buzzing for some time. Reported last month The Wall Street Journal that the American and Swedish buyers wanted to dig deep into their pockets and would have 12.5 billion left for KPN. The top of KPN has ‘thoroughly reviewed the acquisition proposals,’ says the spokesman, but concluded that they have no added value for the strategy, which consists of, among other things, accelerating fiber optic density and improving the service.

It is certainly not the first time that KPN has rejected foreign advances. In 2012, Mexican billionaire Carlos Slim tried to incorporate KPN into América Móvil. A year later, the American telecom giant AT&T would have set its eye on KPN. The telecom company is protected against foreign interest by a foundation that has preference shares, which means that investors can never get hold of more than half of all KPN shares.

In addition, a law came into effect last October that gives the cabinet the opportunity to obstruct unwanted takeovers in the telecom sector. KPN is the last telecom concern still in Dutch hands. VodafoneZiggo and T-Mobile were previously acquired.

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