KPN may sell Telefonica Deutschland stake - CEO
BARCELONA (Reuters) - Dutch telecoms group KPN may sell its 20.5 percent stake in German mobile operator Telefonica Deutschland, but it has not yet decided to do so, the group's chief executive told an investor conference on Wednesday.
KPN, in which Mexican group America Movil has a 20 percent stake, holds the shares in Telefonica Deutschland after selling its German arm E-Plus to Telefonica in a deal valued at 8.6 billion euros (6.89 billion pounds).
"That could be one of the interesting options. In the end all depends on price," CEO Eelco Blok replied to questions whether his company would sell the stake.
Blok, speaking at the Morgan Stanley Media & Telecoms Conference in Barcelona on Wednesday, said KPN had agreed to a six month lockup period with Telefonica and still had time to decide. The sale of E-Plus was completed in October 2014.
"Looking at the value of Telefonica Deutschland of today there is clearly upside. That's one of the elements that we will take into account when deciding what to do with our stake," Blok added.
He said other options for the stake were keeping it or spinning it off to the company's current shareholders.
If the sale were to go ahead, KPN would be left with businesses in the Netherlands and Belgium and an international wholesale unit.
(Reporting by Danilo Masoni, writing by Robert-Jan Bartunek)
