Mexican telecoms giant America Movil announced Thursday it had completed an unsolicited bid for a 27.7 percent share in Dutch operator KPN.
America Movil will now "hold 393,283,000 shares, representing approximately 27.7 percent of all issued and outstanding shares," it said in a statement.
Controlled by billionaire Carlos Slim, America Movil launched its bid on May 30 for just over a quarter of the Dutch group, offering eight euros ($10.07) a share or 2.6 billion euros ($3.2 billion) for the stake.
They gradually edged closer to the 27.7 percent goal, which was opposed by KPN who said it substantially undervalued the company.
"With this investment America Movil has achieved its objective of securing a meaningful minority stake in KPN, a company with an attractive position in important European markets," the statement said.
America Movil added: "Pursuant to this announcement... payment of the offer price for each tendered share accepted under the offer is made against delivery of such shares... which shall be July 3, 2012."
America Movil controls the mobile telephone market in Latin America with some 225 million clients in 18 countries at the end of 2010. In 2011, it posted the equivalent of 39 billion euros in revenues.
Dutch group KPN employs 31,000 people and recorded sales of 13.16 billion euros last year.
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