Rumor: Canadian company and pension funds are considering acquiring KPN

Jan

31

2019

The Canadian company Brookfield Asset Management is consulting with Dutch pension funds to take over the Dutch provider KPN. No bid has yet been made or consultations, reports Bloomberg, a financial news agency.

It concerns exploratory talks between Brookfield and the Dutch pension funds PGGM and APG Group, reports Bloomberg . It is not yet known whether KPN shareholders would be interested in a takeover and whether a bid will be made, says the news agency on the basis of anonymous sources that are familiar with the discussions.

It is also unknown why Brookfield and the pension funds are interested in an acquisition. The total value of shares on the stock exchange was slightly more than ten billion euros for the publication of the article. Takeover bids are generally above the total value of the shares to persuade shareholders to accept the offer.

It is not the first time that there is an attempt to take over KPN. The Mexican America Movil tried that in 2013, but eventually saw it. The acquisition plans of KPN by the Mexican company were already partly blocked after the foundation called ‘Stichting Preferente Aandelen B KPN’ blocked the acquisition via a protection mechanism. This foundation has special shares with which it can make a takeover attempt more difficult.

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