Aandeel KPN Koninklijke AEX:KPN.NL, NL0000009082

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Rabo schreef op 11 september 2013 17:08:

hij heeft ze voor 2 euro gekocht en meegedaan aan de emissie voor 1.06 euro dus kan wel.

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Rabo schreef op 11 september 2013 17:09:

PB aanstaande met 2.53 deal.

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Eurowin schreef op 11 september 2013 17:03:

Als IMTECH nog even wat down gaat, gaan we daar in.....

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bloemanjer schreef op 11 september 2013 17:11:

volgende spurt

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H.bernard schreef op 11 september 2013 16:57:

NEWS ARTICLE
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BREAKINGVIEWS-Carlos Slim can pay more for KPN
13 minutes ago by Thomson Reuters
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.)

By Quentin Webb

LONDON, Sept 11 (Reuters Breakingviews) - Carlos Slim can pay more for KPN. Unless the two sides agree a friendly deal, a poison pill will probably stop the billionaire's America Movil from buying the 70.2 percent of the Dutch telecoms outfit that it does not already own. Yet there are strategic and financial reasons for Slim to keep the deal alive. And since his current offer looks cheap, a sweetened bid could still stack up.

At 2.40 euros a share, Slim's proposal is worth at most 7.2 billion euros. It represents a skinny 20 percent premium over KPN's value prior to the offer being announced, and equates to an enterprise value of about 4.6 times 2014 EBITDA, Breakingviews calculations show.

That looks meagre. Without any takeover premium, European peers trade on about 4.8 times forward EV/EBITDA ratios, according to Datastream. Worse, the offer is unchanged since KPN, at America Movil's prodding, won better terms for the sale of its German unit. That added roughly 11 cents per share to KPN's value.

So, there should be room for manoeuvre - even if America Movil is insisting it will not budge. A bid at 2.70 euros a share would lift the premium to 35 percent, and the EBITDA multiple to about 5 times, without blitzing America Movil's credit ratings.

What's more, if the regulatory, technological and economic challenges hammering European telecoms abate, valuation multiples and earnings should recover across the sector. And while there won't be big synergies, America Movil presumably reckons it can run KPN better than the current lot, unlocking extra value.

A successful deal has wider significance for Slim too. He has already staked 4 billion euros on KPN, but gained limited influence in return, as the German kerfuffle showed. He is also eager to diversify away from Mexico, where the government is taking on oligopolies. Doubling down both deepens his European presence and protects an important existing investment.

These broader strategic considerations are harder to value. But suppose they are worth 500 million euros to Slim. That could justify a further bump towards 2.85 euros a share. If Slim really is serious about his proposal, he can afford to show it.

CONTEXT NEWS

- America Movil, the Latin American telecoms group controlled by Mexican billionaire Carlos Slim, has no intention of raising its bid for Dutch telecoms group KPN, a spokesman told Reuters on Aug. 30. Arturo Elias, Slim's chief spokesman, said there was "no way" America Movil would pay more.

- Reuters: America Movil says has no intention of raising KPN offer

- For previous columns by the author, Reuters customers can click on

(Editing by Chris Hughes and Sarah Bailey)

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Erik9400 schreef op 11 september 2013 17:09:

Is misschien heel erg maar KPN kan mij gestolen worden ..laat deze soap maar voorbij zijn dan zien we later wel wat de gevolgen voor NL zijn

Wel duidelijk dat de overheid heel dom besluit heeft genomen om geen 51% te houden ...

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Eurowin schreef op 11 september 2013 17:03:

Als IMTECH nog even wat down gaat, gaan we daar in.....

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Eurowin schreef op 11 september 2013 17:11:

Dan is het kassa en ogen op Imtech(hopelijk ga ik op 1,50-1,60 er in)

Zo laag Greek?

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philips belegger schreef op 11 september 2013 17:08:

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philips belegger schreef op 11 sep 2013 om 17:01:

mijn droom is 2,666. Dan heb ik het precies verdubbeld. WOW.

2,666/2= 1,333 zo laag is hij volgens mij niet geweest

Dat klopt. Maar ik heb een paar keer verkocht en teruggekocht. Mijn gemiddelde is dus echt 1,333

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RAUL schreef op 11 september 2013 17:12:

[...]
Ja Euro, Imtech altijd interessant om een ritje te maken. Heb ik de afgelopen weken al twee keer vanaf 2,00 Euro gedaan. Moet toch wat nu ik met KPN al lange tijd "dood' geld heb. Gr. RAUL

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Eurowin schreef op 11 september 2013 17:13:

Dag jongens dumpen zich gek op 2,24..........

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ahmet1975 schreef op 11 september 2013 17:11:

[...]

ja in jouw wereldje misschien wel wat een malloot zeg!