AMX Tops 23% Ahead of KPN Tender Close

America Movil (AMX) has raised its stake in Dutch telecom KPN to 23.43%, it says, ahead of today’s close of a tender offer to give it as much as 27.7%. The Mexican telecom launched the public offer for 325m shares in May, looking to increase its beachhead in Europe at an attractive valuation. Despite AMX insisting it does not seek a full takeover, KPN has attempted to thwart the offer. Deutsche Bank is advising AMX. AMX also recently agreed to pay $1bn for a minority stake in Telekom Austria, a move which was welcomed by the target.