Telefonica's higher bid secures Slim's backing for KPN deal

Carlos Slim's America Movil has thrown its support behind Telefonica Deutschland's offer to buy Royal KPN's German unit. The Mexico-based operator, which is Royal KPN's largest shareholder, embraced the deal after Telefonica increased its offer to $11.46 billion in cash and stock, a 5.5% bump in value from the Spanish carrier's original bid. America Movil, which had hoped to buy the Dutch company, said it plans to support the deal at an Oct. 2 shareholder meeting.

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