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Sunday, 26 June 2016

Carlos Slim takes least-worst option at KPN

Doubling down

The Mexican mogul has belatedly agreed to help the Dutch telco raise 4 bln euros of capital. Slim’s near-28 pct stake is way out of the money. But the alternatives to raising the losing bet were even uglier: a quixotic full bid; heavy dilution; or leaving KPN over-levered.

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