KPN has been ringing the changes since its bid for UK mobile telecoms company mmO2 was rejected in February. The Dutch telecoms incumbent has started a charm offensive with investors, launched a e500 million share buyback, and is parting company with its finance director. But is KPN moving on after the disappointment of a spurned bid? Or is it laying the groundwork for another assault on mmO2?
The intentions of KPN chief executive Ad Scheepbouwer aren't easy to gauge. He has made no secret of his belief that scale matters in mobile. But he is anxious to convey the impression that he won't overpay for mmO2. KPN's share price fell after news of its bid leaked.
Scheepbouwer is now in an awkward position. Even if the steps he takes are sensible in their own right, they might invite suspicion that he is trying to boost his share price for another bid. The share buyback is an obvious example.
Nor will the departure of finance director Maarten Henderson dampen speculation that KPN wants another pop at mmO2. Many shareholders thought the first bid should have been financed with more cash and fewer shares.