América Móvil sells US$840 mln in bonds convertible into KPN shares

Mexican telecoms giant América Móvil said on Thursday it had completed a placement of 750 million euros (US$840 million) worth of bonds convertible into shares of Dutch telco KPN.

América Móvil, which is controlled by the family of Mexican billionaire Carlos Slim, said the bonds will last for three years and will pay an annual coupon of 5.5 percent.

Earlier this year, bankers involved in the transaction said America Móvil completed a 3 billion euros (US$3.36 billion) sale of bonds exchangeable for KPN shares, leading to a possible exit by the Dutch firm's largest shareholder after three difficult years.