Carlos Slim threatens to walk away from KPN bid

AMSTERDAM — Carlos Slim threatened Friday to walk away from his $9.5 billion offer to buy the 70 percent of Dutch telecom Royal KPN NV he doesn’t already own after a foundation linked to the company mounted a ‘‘poison pill’’ defense.

The KPN Foundation is a body peculiar to the Netherlands formed to defend the rights of not only shareholders, but also workers and customers.

Late Thursday the foundation said it viewed Slim’s bid of about $3.17 per share as hostile and exercised its right to issue temporary preference shares worth 49.9 percent of voting rights in KPN — effectively blocking Slim’s bid.


On Friday, the Mexican billionaire’s company, America Movil said in a statement that its plans will benefit KPN and it could withdraw its bid if the foundation persists.

KPN shares fell 3.4 percent to $2.92 in Amsterdam trading Friday.