AMX Continues Raising KPN Stake

America Movil (AMX) has raised its stake in Dutch telecom KPN by 8.7%, through further share purchases, bringing its holdings to 20.92%, it says. The Mexican telecom is trying to increase its participation in KPN to gain a bigger foothold in Europe, and launched a public tender for 325m shares to give it as much as 27.7%, running through June 27. Despite AMX insisting it does not seek a full takeover, KPN has attempted to thwart the offer. Deutsche Bank is advising AMX. Last week AMX agreed to pay $1bn for a minority stake in Telekom Austria, a move which was welcomed by the target.