Morgan Stanley has lowered its stake in Dutch telecommunications company Royal KPN NV to 4.93% from 10.01%, according to the Dutch financial regulator Autoriteit Financiele Markten Wednesday.
The change was made May 11, according to the AFM filing.
The current stake consists of 2.33% in shares and 2.60% in futures and options. The original stake of 10.01% consisted of 4.93% in shares and the remaining 5.08% in futures, options and swaps, said AFM.
Morgan Stanley had acquired its original stake in KPN on May 4, just days before America Movil SAB de CV AMX -0.73% announced its intention to increase its holding in the Dutch telecom company. America Movil, which is owned by the world’s richest man, Carlos Slim, announced on May 8 that it wanted to increase its stake in KPN to 28% from 4.8% in a partial tender offer for EUR8 a share, representing a 23.5% premium to the closing price on the day before the announcement.
KPN shares have risen 19% since May 4. The shares closed at EUR7.72 on Tuesday.
