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Thursday, November 21, 2013

KPN says it believes Slim will retain his stake in group, (NYSE: MS)

Mexico's America Movil will likely keep its stake in Dutch phone group KPN following its failed takeover attempt, KPN's chief executive predicted on Thursday. America Movil, controlled by billionaire Carlos Slim, owns a near 30 percent stake in KPN but pulled out of takeover negotiations last month after KPN's board rejected its 2.4 euros a share offer."Looking at where the share price is today, looking at our expectations of the financial performance of KPN, and taking into account the average price they paid for their current 29.7 percent stake, I think they will keep their 29.7 percent stake," KPN Chief Executive Eelco Blok told a Morgan Stanley investor conference in Barcelona."But that's my analysis of the situation and it's up to America Movil to take their decision."KPN's shares closed at 2.45 euros on Thursday. America Movil paid about 3.24 euros a share for its stake, including stock bought as part of a rights issue by KPN earlier this year.

Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 1.98% or $0.6/share to $30.87. In the past year, the shares have traded as low as $16.23 and as high as $30.78. On average, 13173400 shares of MS exchange hands on a given day and today's volume is recorded at 5310919.