Mexican telecoms giant America Movil announced Thursday it had completed an unsolicited bid for a 27.7 percent share in Dutch operator KPN, giving it a foothold in the European market.
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 for the stake.
They gradually edged closer to the 27.7 percent target, which was opposed by KPN who said it substantially undervalued the company.
Before launching its hostile bid, the Mexican telecoms operator already held 4.8 percent of the Dutch group.
"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."
The deadline for accepting America Movil's offer ended on Wednesday, the company's statement added.
As America Movil closed in, KPN managers raced to find an alternative source of cash for shareholders through the sale of two subsidiaries, E-Plus and BASE.
The Dutch group said last week that it would launch the sale of its Belgian mobile unit BASE next month now that a strategic review of the deal had been finalised.
Although KPN did not say how much it wanted for BASE, local media reports in April, when KPN first said it was looking into a possible sale, quoted a figure of around 1.8 billion euros.
Earlier this month the Dutch group said it would also look at "strategic options" for its German subsidiary E-Plus, but no agreement was reached.
America Movil said Thursday it "expects to explore with KPN areas for potential co-operation".
It "believes that both companies will benefit from their mutual experiences in the sector -- both in technological and commercial areas -- and is looking forward to an on-going, constructive dialogue with KPN", it added.
America Movil controlled 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.