America Movil ended an agreement that limits its stake in KPN to 30 per cent, following last week’s deal between the Dutch operator and Telefonica over the sale of E-Plus in Germany.
The end of the agreement, which was signed earlier this year, frees America Movil to build a more substantial stake in KPN if it wishes.
America Movil acquired a stake in KPN last year. It is the Dutch operator’s largest shareholder with a 29.8 per cent holding.
The two America Movil directors who currently sit on KPN’s board will remain in place as long as the Mexican company holds 20 per cent or more of the Dutch operator’s share capital, according to a KPN statement.
At least one of the two directors will remain as long as the stake is ten per cent or more, said the statement.
The shareholder agreement with KPN dates back to 20 February, 2013.
America Movil said on Friday it is still weighing up whether to support the sale of E-Plus.
CEO Daniel Hajj said on a conference call with analysts that it will evaluate the deal and make a decision at the shareholders meeting that is needed to approve the sale. Such an EGM would take place later this year.