AMSTERDAM (AP) — Carlos Slim has threatened to walk away from his €7.2 billion ($9.5 billion) offer to buy the 70 percent of Dutch telecom Royal KPN NV he doesn't already own after a foundation linked to the company mounted a "poison pill" defense.
The KPN Foundation is a body peculiar to the Netherlands formed to defend the rights of shareholders, workers and customers. Late Thursday it said it viewed Slim's bid as hostile and exercised its right to issue temporary preference shares worth 49.9 percent of voting rights in KPN — effectively blocking Slim's bid.
On Friday, the Mexican billionaire's company America Movil repeated that its plans will benefit KPN and it could withdraw its bid if the foundation persists.
KPN shares fell 5.6 percent to 2.16 euros in early Amsterdam trading.
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