KPN has still not received the approval of its largest shareholder, Carlos Slim’s America Movil, for its proposed €8 billion sale of E-Plus in Germany to Telefonica, according to the Financial Times.
Two directors appointed by America Movil did not vote in favour of the E-Plus deal but the support of the remaining six directors was sufficient for the proposal to go ahead, according to people familiar with the situation.
However, it is unclear if the two directors abstained or voted against the proposal but they did attend the meeting, one source said.
Another source said that if Slim supported the deal, then a public statement would have been made. Others suggested he had reservations about the E-Plus deal.
KPN has not disclosed any information about what discussions took place with Carlos Slim and America Movil.
One possible outcome could be a rerun of KPN’s €3 billion rights issue earlier this year which Slim only approved at an EGM. An EGM for the E-Plus deal will likely be held in October.