LONDON (ShareCast) - América Móvil (AMX) is making a move into Europe and has announced plans to acquire up to 28 per cent of the Dutch telecom operator KPN in a deal that could be worth 2.64bn euros (2.13bn pounds).

The Mexican telecom owned by billionaire Carlos Slim already owns 4.8% of the company and announced that it would offer €8 per share in stock for the stake.

“The investment in KPN represents the first significant investment by AMX in Europe,” according to a company statement.

AMX’s investment may be limited to 28% because Dutch law requires any share above 30% to launch a full takeover offer.

Slim’s company expects the close the offer by the beginning of June.

KPN soared 17.82% to €7.65 in early trading on Tuesday.

JM

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