THE HAGUE, Netherlands (AP) — Royal KPN NV says America Movil has ended a cooperation agreement, a move that clears the way for the Mexican company to raise its stake in the Netherlands' largest telecom company.
America Movil owns just under 30 percent of KPN stock and the two companies entered the cooperation agreement Feb. 20. It included a "standstill" deal under which America Movil agreed not to raise its stake.
KPN said Monday that the Mexican company owned by Carlos Slim is now free to raise its stake in KPN to 30 percent or more.
The cooperation agreement aimed to cut costs by joining forces in fields such as international mobile roaming.
KPN shares were up 4.3 percent to €1.98 ($2.63) in early trading.
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