According to the Financial Times, ABN Amro and Deutsche Bank, global co-ordinators for the issue of rescue rights to KPN, have already subscribed to E3 billion ($2.7 billion) of the E5 billion worth of shares on offer.
KPN has over E22.3 billion worth of debt from last year’s heavy acquisitions and the albatross of 3G investments. This money-spinner will relieve the company of some of its debt burden.
Shares were initially offered to existing shareholders. Their purchase window ended on December 4, opening the way for outside investment. KPN’s share price is expected to remain volatile until the announcement on pricing of the issue on Friday, December 7.