Dutch government bails out KPN

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KPN, THE DUTCH TELECOMS operator, has avoided the embarrassment of being relegated to junk status. Just days after a research report from UBS Warburg which stated bluntly that “we do believe that Royal KPN NV should be rated investment grade”, the beleaguered company pulled a rabbit from the hat in the form of a e5 billion rights issue.

As Duncan Warwick-Champion, UBS Warburg executive director in telecoms and media research says: “The only way for KPN to re-establish an investment grade

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