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    AMX L   MXP001691213

AMÉRICA MÓVIL, S.A.B. DE C.V.

(AMX L)
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Morgan Stanley emerges as big KPN investor

05/10/2012 | 04:18am EDT
File photo of KPN's Chief Executive Officer Eelco Blok speaking during the presentation of the 2011 fourth quarter and annual results in The Hague January 24, 2012

AMSTERDAM (Reuters) - Morgan Stanley (>> Morgan Stanley) has emerged as one of the biggest shareholders in KPN (>> KPN KON), the Dutch telecoms group that Mexican billionaire Carlos Slim has set his sights on as a stepping stone into Europe.

AMSTERDAM (Reuters) - Morgan Stanley (>> Morgan Stanley) has emerged as one of the biggest shareholders in KPN (>> KPN KON), the Dutch telecoms group that Mexican billionaire Carlos Slim has set his sights on as a stepping stone into Europe.

A filing with Dutch financial market regulator AFM shows that Morgan Stanley has the equivalent of 10.01 percent in KPN, ranking behind The Capital Group Companies.

Morgan Stanley's position was registered on May 4, the same day that KPN stock hit a seven-year low of 6.349 euros and just three days before Slim's company, America Movil (>> America Movil SAB de CV), said it would offer 8 euros per share, or about 2.64 billion euros, to buy up to 28 percent of the Dutch company.

It was not clear whether Morgan Stanley, which declined to comment, held the stake on its own account or for clients.

A Dutch spokeswoman for America Movil said Morgan Stanley was not holding KPN shares on behalf of the Mexican company.

KPN said on Tuesday that the unsolicited offer undervalued its business and has hired Goldman Sachs and JP Morgan to help it weigh its "strategic options".

KPN shares were down 1.4 percent at 7.622 euros at 0813 GMT.

America Movil said on Tuesday it currently owns about 4.8 percent of KPN after buying shares in the open market. A spokeswoman declined to say which bank was holding the stake on its behalf.

Deutsche Bank is advising America Movil on the KPN deal, which would also involve handling the tender offer if it goes ahead, while Clifford Chance is advising it on legal matters.

Deutsche Bank's press office in the Netherlands was not immediately available for comment.

Capital Research and Management Company, part of The Capital Group Companies, is the biggest investor in KPN, according to Reuters data.

It lifted its interest to 15.1 percent from 10.1 percent, according to AFM filings, in January. The Capital Group Companies, based in the United States, is a group of investment management firms.

Morgan Stanley had a direct capital stake of 4.93 percent, and owned the remaining 5.08 percent in futures, options and swaps, the regulatory filing with the AFM showed.

It did not own an interest in KPN - either via shares, options, American depository receipts, or swaps - that in total amounted to 5 percent or more before the filing was made on May 4.

(Reporting by Sara Webb and Gilbert Kreijger; Editing by Will Waterman)

By Sara Webb and Gilbert Kreijger

Stocks treated in this article : America Movil SAB de CV, KPN KON, Morgan Stanley

© Reuters 2012
Stocks mentioned in the article
ChangeLast1st jan.
AMÉRICA MÓVIL, S.A.B. DE C.V. 2.01% 16.24 End-of-day quote.12.08%
MORGAN STANLEY 0.40% 92.05 Delayed Quote.34.32%
ROYAL KPN N.V. -0.71% 2.667 Real-time Quote.7.24%
THE GOLDMAN SACHS GROUP, INC. 1.10% 378.05 Delayed Quote.43.36%
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Financials
Sales 2021 972 B 48 914 M 48 914 M
Net income 2021 84 189 M 4 237 M 4 237 M
Net Debt 2021 562 B 28 262 M 28 262 M
P/E ratio 2021 13,6x
Yield 2021 2,67%
Capitalization 1 075 B 53 965 M 54 090 M
EV / Sales 2021 1,68x
EV / Sales 2022 1,61x
Nbr of Employees 184 100
Free-Float 48,0%
Chart AMÉRICA MÓVIL, S.A.B. DE C.V.
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América Móvil, S.A.B. de C.V. Technical Analysis Chart | MarketScreener
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Technical analysis trends AMÉRICA MÓVIL, S.A.B. DE C.V.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 17,88 MXN
Last Close Price 16,24 MXN
Spread / Highest target 35,5%
Spread / Average Target 10,1%
Spread / Lowest Target -3,33%
EPS Revisions
Managers and Directors
NameTitle
Daniel Hajj Aboumrad Chief Executive Officer & Director
Carlos José García Moreno Elizondo Chief Financial Officer
Carlos Slim Domit Chairman
David Antonio Ibarra Muñoz Independent Director
Pablo Roberto González Guajardo Independent Director
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