AMX Throws in the Towel in Holland

America Movil (AMX) has withdrawn its offer to buy the portion of Dutch telecom Royal KPN it does not own, it says. The move momentarily halts the Mexican telecom’s expansion drive, though it pleases those who fretted about the increased leverage AMX needed to pull of the buy. Mexican shops Monex and Ve por Mas called the news “positive” for this reason. KPN’s foundation moved last month to block the deal by exercising rights to take a 50% stake, and the buyer finds the move made its offer unviable. AMX had offered EUR7.2bn ($9.7bn), or EUR2.40 per share for the remaining 70%. Deutsche Bank was its advisor. AMX does not indicate any plans for its 30% stake.