So far this year, Holland's KPN, Vodafone, France Telecom and WorldCom have launched bumper bond issues.
The Other Activities segment comprises the results of KPN's corporate center and the call center activities of SNT Germany.
In other big news, Slim continued to battle for dutch telecom KPN.
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The Spanish government blocked a previous plan for Telefonica to merger with the Netherlands' KPN, prompting the resignation of chairman Juan Villalonga.
KPN, the Dutch telecom operator, is another stock on White's short list.
KPNQwest, which is owned by KPN and by Qwest Communications, filed for protection from its creditors under Dutch law after its entire supervisory board resigned.
Part of KPN's problem, analysts say, is that many of its users pay for each text message individually rather than subscribing to a texting plan.
The Belgium segment includes KPN Group Belgium and Ortel Belgium.
Royal KPN NV engages in the provision of telecommunications services.
The apps allow users to communicate without using their voice or text allotments, leading some operators like KPN to complain about the hit to their bottom line.
As a result of big losses on such tech and telecom picks as ARM Holdings, KPN and SK Telecom, his list on average did worse than the MSCI World index.
Here Olney likes stocks such as car-maker Renault, media giant Vivendi, publisher Wolters Kluwer, a couple of banks, including French names Societe Generale and BNP Paribas, and Dutch telecommunications concern KPN.
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America Movil upped its stake in KPN for the second day in a row and now holds 7.9% in the company, which rejected an earlier offer from the Mexican telecom giant, saying it was not offering a sufficient premium.
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The other telecom operators that currently own Infonet, including Swisscom (nyse: SCM - news - people ), the Netherlands' KPN (nyse: KPN - news - people ) and Australia's Telstra (nyse: TLS - news - people ), apparently "see little strategic benefit in retaining their stakes in this business at the current market price, " the analysts note.
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