Dutch telecoms company KPN is to put its shares in Hutchinson 3G up for sale and write down E1.2 billion against its 15% stake in the mobile operator. The move follows its announcement of a E9 billion impairment charge.
KPN has also announced that its plans to roll out 3G networks in Germany and the Benelux countries will continue. The company considers these to be key markets, whereas it regards its stake in Hutchinson 3G as a non-core asset.
There is speculation that Hutchinson 3G’s major stakeholder, Hutchinson Whampoa, may seek to acquire KPN’s shares. The Hong Kong company, which owns 65% of Hutchinson 3G, has yet to confirm or deny the rumors.