Shares of Dutch telecoms group KPN (Amsterdam: KPN.AS - news) rise as much as 3.5 percent on Thursday, following a newspaper report in Britain that the company may be a takeover target, with majority owner America Movil possibly buying all of the group.
Rumours were circulating on Wednesday that the Dutch telecom group's major shareholder Carlos Slim was lining up a cash bid north of 3 euros a share, according to the Daily Mail market report.
"It's a typical UK rumour, without much background," says Harry Scheper, head of equity broking at ABR Financial in Amsterdam.
KPN said it would not comment on market rumours, while a European spokesperson for America Movil, which owns a near 30 percent stake in the group, was not immediately available.
By 0810 GMT, KPN's shares are 1.6 percent higher, making them one of the best performers on the AEX index of leading Dutch shares, which is down 1.7 percent. Reuters messaging rm://email@example.com