AMERICA MOVIL ABANDONS BID FOR KPN
Must KPN remain in Dutch hands?
On NU.nl I read the report that the Mexican telecom company América Móvil, owned by the billionaire Carlos Slim, is abandoning a bid for the Dutch company KPN. The report reads: “The company refers in a statement to the Mexican stock exchange authorities to the barrier that the Stichting Preferente Aandelen B KPN [Foundation for KPN B Preference Shares] has thrown up and to the discussions it has held with the Dutch company. These have shown according to América Móvil that it would be impossible to obtain more than 50 percent of the KPN …
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EUROPEAN COURT OF JUSTICE: NO GENERAL PRINCIPLE RE PROTECTION OF MINORITY SHAREHOLDERS
Case C-101/08 – Audiolux SA and Others v Groupe Bruxelles Lambert SA (GBL) and Others, and Bertelsmann AG and Others
According to the European Court of Justice, in its decision of 15 October 2009, community law does not include any general principle of law under which minority shareholders are protected by an obligation on the dominant shareholder, when acquiring or exercising control of a company, to offer to buy their shares under the same conditions as those agreed when a shareholding conferring or strengthening the control of the dominant shareholder was acquired (click here for the full …
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