World's richest man looks to buy into beaten-up Europe

America Movil, the telecoms firm owned by Mexican billionaire Carlos Slim, is seeking to up its stake in Dutch company KPN as a starting point for expansion into Europe.

Slim's company has offered €3.2bn to increase its stake in fellow telecoms firm KPN from 5% to 28%, the €8 per share cash bid prompting a 17% rise in KPN's share price to €7.58 yesterday. American Movil CFO Carlos Garcia Moreno said the group was looking to make a long-term investment with scope for collaboration in areas including roaming and marketing. However, a statement from KPN released after the market close said the offer "substantially undervalues the company". KPN's share price was above €10 a year ago, but has since suffered as investors grow wary of its poor profit outl...